Free Republic

The city of Houston's main pension program has a billion-dollar funding shortfall because benefits have been boosted so high that many employees will earn more in retirement than they received while working, according to a report obtained by the Chronicle. A few will retire as millionaires. To properly reduce the shortfall, taxpayers would have to put nearly $100 million extra into the fund next year, according to an analysis prepared for the pension's board. Further, the city cannot reduce the benefits for any employee who already has worked five years, thanks to a Texas constitutional amendment passed by voters last...

Holmes rules out mayor bid, pins hopes on Sanchez Ex-Port chairman to spearhead former councilman's campaign Copyright 2003 Houston Chronicle Political Writer Former Port of Houston Authority Chairman Ned Holmes ended speculation about a mayoral run of his own Thursday when he announced that he'll be campaign chairman for Orlando Sanchez. Sanchez, a former City Council member and 2001 mayoral candidate who now works for an investment firm and an accounting firm, is expected to kick off his second mayoral run later this spring. Holmes is a local investor who has played an important role in raising money for the...

Copyright 2002 Houston Chronicle Chinese President Jiang Zemin walked through a life-sized model of a space shuttle and dined with Houston's business and political elite during a Wednesday visit choreographed to avoid the protesters who had sought to line his path. The day culminated with a $500-a-plate dinner for 800 sponsored by the Greater Houston Partnership and the Asia Society, where Jiang gave a 10-minute speech praising Houston's two-decade business links with China. "History tells us that friendly and cooperative relations between China and the United States will not only generate great benefits to the two peoples, but also contribute...