Pittsburgh reports city pensions funded at highest ratio in seven years

Pittsburgh reports city pensions funded at highest ratio in seven years

The City of Pittsburgh announced Thursday that its city pension fund is at its highest funded ratio in the last seven years, currently sitting at 60 percent.

 

The funding ratio is the highest since the Commonwealth took over management of the fund in 2010; it also reflects a five percent increase in the funding ratio since the last meeting of board overseeing the fund, which was held in February.

Friday, May 5, 2017/Author: Jason Gottesman
Categories: Pittsburgh
Rollback of Obama-era Labor Department rule muddies PA plans to develop private retirement security plans

Rollback of Obama-era Labor Department rule muddies PA plans to develop private retirement security plans

Just this past Wednesday, the US Senate voted 50-49 to roll back an Obama-era Department of Labor rule that allows cities and counties to develop retirement security plans for private-sector employees not already benefiting from an employer-run plan.

 

A similar rollback of a rule allowing states to develop these plans has not yet been subjected to a vote in the Senate, though it has passed the US House of Representatives overwhelmingly and could be voted on at any time.

Friday, March 31, 2017/Author: Jason Gottesman
AG DePasquale finds Pittsburgh pension funds continue to slide

AG DePasquale finds Pittsburgh pension funds continue to slide

In a recent audit of Pittsburgh’s municipal pension fund, Auditor General Eugene DePasquale said despite the city contributing $41.3 million more to its plans than required, funding levels have dropped to 57 percent during his latest audit. 
From January 1, 2014, to December 31, 2015, Pittsburgh contributed $115.6 million- well above the required $74.2 million minimum payment- to its three employee pension plans, according to the Auditor General. 
Thursday, March 16, 2017/Author: Alanna Koll
Categories: Pittsburgh

What might be coming down the pension pipeline?

Following Wednesday’s Public Employee Retirement Commission meeting, commission members and staff discussed with reporters what the commission has been working on and asked to look at with regard to possible upcoming pension bills and amendments.

Notably, other than the already-sunshined House Bill 727, the commission reports that it has not recently been officially asked to review any stand-alone state pension system reform bills.

Wednesday, June 17, 2015/Author: Jason Gottesman
Categories: News and Views
Municipal pension reform bill Floor vote will likely be held off

Municipal pension reform bill Floor vote will likely be held off

While House Bill 316—a bill to substantially reform Pennsylvania’s more than 1,400 municipal pension plans—was moved out of the House State Government Committee Tuesday morning, its consideration on the House Floor will likely be held off until state public pension reform legislation is dealt with by the legislature.

House Bill 316 would require all municipalities to move newly-hired police and firefighters into a cash balance pension system.

“There are no immediate plans [to run the bill] at this particular moment,” said Steve Miskin spokesperson for the House Speaker and Majority Leader. 

Tuesday, June 9, 2015/Author: Jason Gottesman
Categories: News and Views
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