Posted on Wednesday, July 7th, 2010 at 1:35 pm.
Future employees in the City of Austin may have to work longer before retirement because of the current state of the pension fund.
The city budget is not official yet, but it is recommending that future employees be between the ages of 60 to 62 before retiring. It is also recommended that they have 30 years of service before retiring to get full pension. Right now, workers must be 55 and have 20 years of service.
Once age 62, both plans recommend five years of service to receive full pension. These recommendations exclude police officers and firefighters. The city has also said that they plan to add $9 million to the pension fund every year which will come from utility bills paid by Austin residents.
If you or a loved one would like to begin to plan their retirement, contact the Austin retirement advice accountants to discuss any questions you may have.