Administration September 19, 2011
Pittsburgh Pensions Avoid State Takeover
September 19, 2011 (PLANSPONSOR.com) – The city of Pittsburgh, Pennsylvania, has met the legal threshold of funding its pension systems, averting a takeover by the state.
Reported by Rebecca Moore
The head of the state Public Employee Retirement Commission James McAneny told Reuters in an interview the city’s pension systems are 62% funded.
Under state law, the Pennsylvania Municipal Retirement System will take over municipal retirement systems with less than 50% of the assets needed to meet liabilities. Pittsburgh was granted a two-year exemption in the bill.
The city had until the end of August to provide its funding analysis to the Public Employee Retirement Commission, which needed about two weeks to verify the city’s analysis (see PA System Wants Expedited Review of Pittsburgh Plan Funding).