CollectionsPension Fund
IN THE NEWS

Pension Fund

FEATURED ARTICLES
NEWS
August 8, 2010 | By Miriam Hill, Inquirer Staff Writer
When they introduced it in 1999, Philadelphia officials called it "the Winnebago plan. " That nickname for the retirement program known as DROP symbolized what it was supposed to do - give longtime city workers a retirement check big enough that they could buy a Winnebago or fulfill some other small dream, paid for with their own pension money. And, everyone agreed at the time, officials would end the Deferred Option Retirement Program, or DROP, if, after three years, it turned out that it cost the city money.
NEWS
February 18, 1990 | By Paul Krieger, Special to The Inquirer
Last year was a very good year for Chester County's pension fund. For the first time, the fund cracked the $50 million level, buoyed by stock holdings that appreciated 36 percent in the general rebound on Wall Street during 1989. Investment performance last year capped a six-year trend that has seen a doubling in the county's pension investments that are set aside for future retirees. But, the growth in the Chester County Retirement Fund to $53.19 million by year's end will have little impact on the pension benefits for county employees.
BUSINESS
October 26, 1987 | By MARC MELTZER, Daily News Staff Writer
As the aftershocks of last week's market crash unfold in coming months, the pain felt so deeply by individual investors could spread to others. Many people may believe that, because they didn't own any stock directly, the swift and sharp decline in stock prices can't possibly affect them. However, virtually everyone who is covered by a pension plan has a stake in how well the stock market performs. Pension plans are significant institutional players in the stock market.
NEWS
February 20, 1986 | By JUAN GONZALEZ, Daily News Staff Writer
A dramatic growth in investment returns from the city's employee pension fund during 1985 will save at least $5 million in next year's city budget, officials estimate. The fund achieved a 29.7 percent return on investments last year, nearly a three-fold increase over the 10.7 percent return of 1984, boosting assets from $932 million to a record $1.2 billion, according to Deputy Director of Finance Curtis O. Townsend. Townsend, who is also the city's pension fund assets manager, and City Controller Joseph Vignola, a member of the Board of Pensions and Retirement, attributed the good return to a boom year on Wall Street and to the city's hiring last year of 10 private pension-fund consultants to diversify and manage fund investments.
NEWS
October 4, 1987 | By Nancy Scott, Special to The Inquirer
Yeadon property owners will have to contribute fewer of their tax dollars to the police pension fund next year. Councilman Aris Karalis announced Thursday that this year's actuarial study of the pension showed that the council could slash the borough's contribution by more than half - from $78,000 to $31,000. The study is done every other year, as required by state law. The council has been working for five years to improve the status of the pension fund, which was found to be underfunded.
NEWS
October 12, 1990 | By Bob Warner, Daily News Staff Writer Staff writers Dave Davies and Anthony S. Twyman contributed to this report
City Councilman David Cohen reportedly is interested in using the $1.7 billion city pension fund to bail out the cash-short city operating budget - but the idea appears to have little support. Mayor Goode told reporters yesterday that Cohen had raised the possibility Wednesday afternoon at a meeting between Council members and the mayor. Goode said he didn't know enough about the idea to discuss it, and Cohen declined comment yesterday on any aspect of the city's financial problems.
NEWS
October 20, 1987 | By JUAN GONZALEZ and HOWARD SCHNEIDER, Daily News Staff Writers
The record-shattering plunge of Wall Street stocks yesterday had city finance officials scurrying to the phones to ask the professionals who manage the city's pension fund about its financial health. But the prognosis won't be in until at least today. Some $730 million - nearly half of the pension fund's value - was in stocks as of the end of September, and the rest was invested in municipal bonds and real estate, said Peter Crescitelli, acting director of the city's Board of Pensions and Retirement.
NEWS
November 20, 1990 | By Anthony S. Twyman and Joseph R. Daughen, Daily News Staff Writers Staff writers Bob Warner and Dave Davies contributed to this report
A last-ditch lobbying effort by pensioners and the city's fire and police unions may spell death for a measure deemed crucial to the city's short-term financial future. Council members have been inundated with phone calls from angry union members and city employees opposing a plan for the city to borrow money from their pension fund. It appears enough Council members have abandoned their support of the bill that would permit the municipal pension fund to make the loan to place the legislation in danger.
NEWS
January 4, 1992 | By Amy S. Rosenberg, Inquirer Staff Writer
A Common Pleas Court judge approved a settlement yesterday deferring $19 million in payments by Philadelphia to its pension board. City officials say this will free about $30 million to pay overdue bills from health and human service providers. The agreement, signed by Judge Abraham J. Gafni, requires the city to pay $10 million to the pension fund on Feb. 3, and roughly $9.3 million on Feb. 16, plus 11 percent interest. A $10 million payment was made Thursday. City Solicitor Charisse R. Lillie said the delay in payment would boost the city's weekly cash balance to an average of about $62 million, about twice the cushion that the city would have been left with had it been forced to pay all of the $29.3 million on Thursday.
NEWS
November 21, 1987 | By Russell Cooke, Inquirer Staff Writer
Philadelphia's municipal pension fund suffered a $151.6 million paper loss as a result of the Oct. 19 stock market crash, but pension officials this week said the drop would have no affect on either taxpayers' contributions to the fund or on municipal retirees. The drop in value represented about 10 percent of the $1.5 billion fund, which provides benefits for about 25,000 retirees and their beneficiaries. Between Sept. 30 and Oct. 30, the market value of stocks owned by the fund declined from $732.
1 | 2 | 3 | 4 | 5 | Next »
ARTICLES BY DATE
NEWS
May 18, 2016
ISSUE | PHILA. BUDGET Big spenders During last year's election, many people wondered, "Which Jim Kenney are we going to get?" It's five months into his administration, and now we know: the fiscally irresponsible one. We got the Jim Kenney who, as a city councilman, had no problem allowing the pension fund to pay bonuses when it was underfunded by hundreds of millions of dollars. They say you can judge a person by the company he or she keeps. Two decades on Council says a lot. We also hear that Council President Darrell L. Clarke has plans for raising the real estate transfer tax and adding $100 million in debt ("Clarke: Hike tax, rehab housing," Friday)
NEWS
May 16, 2016
ISSUE | TENURE Pa. teachers deserve the benefit of seniority Leave it to the Republican-controlled Pennsylvania legislature to cut school funding, underfund the teachers' pension fund, and eliminate the academic free speech offered through tenure, and then pass a bill that uses teacher effectiveness, rather than seniority, to decide who gets laid off ("Wolf gets school seniority layoff bill," Tuesday). The investment made to get a teaching degree, the high level of scrutiny and competition during the hiring process for the few jobs that open up, and the near-constant administrative supervision to ensure that state standards are being met suggest we're getting excellent teacher performance.
BUSINESS
May 16, 2016 | By Joseph N. DiStefano, Staff Writer
It adds up: Pennsylvania paid more than $600 million in fees to hundreds of private firms managing money for its state and school pension systems in 2015. Plus more in submanager fees, and profits that hedge funds and real estate managers pocket at liquidation of their investments, which the pension systems don't count. The fees that the state pension systems reported total more than the investment profits the funds collected last year, a tough one for investors. Maybe it's not surprising, then, that professional money managers so often split these fees with the guides who promise to help them land government investment contracts.
NEWS
April 30, 2016 | By Claudia Vargas, Staff Writer
The city's Board of Pensions and Retirement has hired the son of longtime Register of Wills Ron Donatucci to be the chief investment officer of the city's beleaguered pension fund. Michael Donatucci, 30, is currently an investment strategist at SEI Institutional Group, a Montgomery County-based asset management firm. He has been with the firm for eight years. He will be paid $175,000 in his new position. Rob Dubow, pension board chairman and the city's finance director, said Donatucci had "precisely the level of experience and expertise necessary" for the job. Dubow said Donatucci's family connections did not influence the board's decision.
NEWS
April 14, 2016 | By Robert Moran, Staff Writer
A former firefighter was convicted by a jury in Camden County on Tuesday of fraudulently collecting a state disability pension while competing in mixed martial arts and earning his black belt in jujitsu, prosecutors said. Shane B. Streater, 41, of Camden, was found guilty of second-degree theft by deception after a weeklong trial before Superior Court Judge John T. Kelley. Streater was a Camden City firefighter when he applied for an accidental disability pension in 2009, claiming that he could no longer perform his job because of two alleged work-related injuries to his back and neck.
NEWS
April 9, 2016 | By Tricia L. Nadolny, Staff Writer
City Council will take a closer look at a proposal to save the city's underfunded pension fund with buyouts, an idea recently raised by City Controller Alan Butkovitz. "I think we need to be creative," said Councilman Derek Green, who called for the hearing Thursday. "We have a very challenging pension situation right now. . . . We need to put everything on the table. " The city's pension fund is $5.7 billion short of its $11 billion obligation. Butkovitz has proposed that the city offer cash buyouts to retirees who would then surrender their lifelong pensions.
BUSINESS
March 13, 2016 | By Joseph N. DiStefano, Staff Writer
The $52-billion-asset Pennsylvania Public School Employees' Retirement System lost money last year, trailing the performance of the Pennsylvania and New Jersey state worker pension investment returns for 2015, according to a report the system released Friday. PSERS reported losing 1.8 percent for the 12 months ended Dec. 31. SERS , the Pennsylvania state workers' fund, last month reported a gain of 0.5 percent for 2015. NJDI , the New Jersey Division of Investment, reported a gain of 0.6 percent.
NEWS
March 11, 2016
ISSUE | PHILA. PENSIONS Buyouts - a start City Controller Alan Butkovitz's proposal to offer pension buyouts could help stabilize the pension fund ("Buyouts a possible pension solution," Monday). Businesses have tried to stabilize their struggling pension plans by offering pension buyouts. But this shifting of risk and responsibility can have dire consequences for the retiree. I suspect that most city retirees, myself included, lack the financial skills to prudently manage a large sum of money over a lifetime.
NEWS
March 8, 2016 | By Claudia Vargas, Staff Writer
City Controller Alan Butkovitz thinks he has a solution for Philadelphia's staggeringly underfunded pension fund: buyouts. Butkovitz is proposing that the city offer up-front cash payments to retirees, who, if they took the option, would surrender their lifelong pensions. The payments would represent only a portion - say, 50 percent - of what a retiree could expect to receive over a lifetime. Still, a fair number of retirees might be enticed by the prospect of a cash windfall they could invest on their own, Butkovitz said.
NEWS
March 2, 2016
ISSUE | CITY PENSIONS Money-saving moves The story about the Philadelphia Pension Board's approval of $7.7 million in bonuses next year downplayed and omitted important steps taken to help the pension fund's long-term health ("Anemic pension fund OKs bonuses, Saturday). The board's vote to lower its assumed earnings rate from 7.8 percent to 7.75 percent was not mentioned until the last sentence. Lowering that rate has many positive impacts, including requiring the city to contribute more.
1 | 2 | 3 | 4 | 5 | Next »
|
|
|
|
|