Recent shutdown aside, working for the government has its perks, such as generous retiree packages. Known as Other Post-Employment Benefits (OPEB), they help pay for a retiree’s health insurance. But hundreds of state and local governments, including Houston’s, have chronically underfunded OPEB. And now with baby boomers retiring, the bill is coming due.
Turner Administration Plans Overhaul Of Retiree Health Benefits To Avert Budget Crisis
Houston has been underfunding retiree packages for city employees for years. It’s now $2.4 billion in the red.