Updated -May 2023

 

The following letter was originally published in the Spring 2023 Pension Press newsletter.

 

Dear Participants,

 

As summer approaches, daylight is extending well into the evening and our temperatures are on the rise. No matter the season, I am always impressed by the dedication of the hardworking employees who serve the City of Houston and keep our great city moving.

 

Our local economy is strong. Job growth has been robust, the unemployment rate is low, and the Greater Houston Partnership recently reported that the Houston area experienced the nation’s second highest population growth, adding more than 125,000 new residents between July 2021 and July 2022. People are flocking to Houston for the great opportunity, community and quality of life the city has to offer.

 

The national economic picture is more mixed. While employment and consumer spending have maintained high levels, inflation has moderated, but remains stubbornly high, as do interest rates. Public markets have experienced continued volatility in response to uncertain economic and geopolitical circumstances.

 

At HMEPS, our Board of Trustees and staff have remained focused on our participants and securing their hard-earned retirement benefits. In January, elections were held for the HMEPS Board officers. I was honored to be re-elected for a new term as Chairman, as were Lenard Polk, Vice Chairman, and Rhonda Smith, Secretary. I congratulate my colleagues on their re-election, and we look forward to continuing our work on behalf of HMEPS participants.

 

At the end of May, the Texas Legislature will adjourn its 88th Session in Austin. In addition to passing a two-year state budget, the Legislature is considering a wide variety of bills, including some pension-related legislation. While there are no bills under consideration specifically related to HMEPS, we continue to closely monitor developments in Austin.

 

The Fall Financial Retirement Educational Event (F.R.E.E.) for City of Houston employees and retirees will take place on October 12, 2023. This annual event includes speakers from HMEPS, the City of Houston Deferred Compensation 457(b) Plan, and the Social Security Administration. Mark your calendar for October 12th and stay tuned for more information on this important event.

 

It is an honor and privilege to serve as your Chairman. I look forward to continuing to work with my Board colleagues and our staff to strengthen HMEPS today and for years to come. Have a great summer!

 

Your Chairman,

Sherry Mose