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PENNSYLVANIA NEWS: Taxes set for pension fund may avert takeover
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You are here: Home » Events » News » PENNSYLVANIA NEWS: Taxes set for pension fund may avert takeover
Tuesday, 27 Jun 2017

PENNSYLVANIA NEWS: Taxes set for pension fund may avert takeover

by Timothy McNulty (Pittsburgh Post-Gazette, May 13, 2011).

Pittsburgh's pension fund is 33 percent funded,

but city Controller Michael Lamb said it has closer

to 57 percent of the funds it needs when city council's

December pension bailout legislation is factored in.

At the city's Comprehensive Municipal Pension Trust

Fund quarterly meeting Thursday, the city's pension

advisers reported the fund had a balance of $333.56 million

at the end of March, which is against roughly $1 billion in

long-term liabilities owed to retirees and current employees.

To avoid state takeover, the city has to prove it has at least

$500 million in the fund.

Mr. Lamb, a pension board member, made a presentation

showing that council's bill dedicating a portion of parking

taxes over 31 years to the fund would generate a present

value of $238.6 million, which should vault the fund to $572 million.

Mayor Luke Ravenstahl's budget director Scott Kunka was not ready

to confirm that number, saying it is subject to further study.

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