Featured Topics
Retirement Industry
Magazine Archive
Education/Advice
Where Do you Go for Financial Advice?
Wagner made his comments after presenting the Public Employee Retirement Commission with a new report completed by the Department of the Auditor General, which showed that 36% of the state’s municipal pension plans are considered distressed. The special report is available to the public at www.auditorgen.state.pa.us. The report shows that 52, or 2%, of the plans are seriously underfunded, with less than 50% of their plan liabilities covered. Those 52 plans, which are classified as severely distressed, could place an even greater tax burden on many Pennsylvania taxpayers, Wagner said. Wagner also said that the General Assembly should consider amending the formula for the allocation of General Municipal Pension System State Aid funding to ensure that distressed pension plans receive additional funding when properly managed.
Wagner made his comments after presenting the Public Employee Retirement Commission with a new report completed by the Department of the Auditor General, which showed that 36% of the state’s municipal pension plans are considered distressed. The special report is available to the public at www.auditorgen.state.pa.us.
The report shows that 52, or 2%, of the plans are seriously underfunded, with less than 50% of their plan liabilities covered. Those 52 plans, which are classified as severely distressed, could place an even greater tax burden on many Pennsylvania taxpayers, Wagner said.
Rebecca Mooreeditors@plansponsor.com