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
July 18, 2015 | By Claudia Vargas, Inquirer Staff Writer
The city's fiscal overseer, the Pennsylvania Intergovernmental Cooperation Authority, approved Mayor Nutter's final five-year spending plan Thursday, despite concerns raised by the city controller that Philadelphia's government could be facing significant deficits by 2017. The five-member PICA board followed the guidance of the agency's executive staff, which issued a 110-page report explaining why the plan should be approved. Among its points: Previous budgets have shown that the city's revenue projections are "realistic," and tax collection rates have been higher than expected.
NEWS
July 1, 2015
ISSUE | OBAMA Fait accompli rule President Obama's strategy to dominate Congress and the courts is to get an agenda item rolling by any means, knowing it will be difficult to stop. Examples include: passing Obamacare by changing Senate rules, after which the threat of extreme medical-insurance disruption influences the Supreme Court to allow it to continue; suspending border enforcement, scattering refugee children, and then arguing that returning them would overwhelm the system; and proposing legal status for illegal aliens, knowing that once it's in effect, it will be increasingly hard for the courts or Republicans to reverse.
BUSINESS
June 27, 2015 | By Paul Nussbaum, Inquirer Staff Writer
The SEPTA board on Thursday approved, without discussion, changes to the pension plan for SEPTA's 1,800 nonunion workers. The changes will require management and administrative employees, who now pay 1 percent of theirannual salary toward their pension fund, to contribute 2.5 percent starting in December and 3.5 percent starting in December 2016. Also, the formula for determining the pension pay-out will be changed, to increase the value of a future pension for employees who remain with SEPTA for many years.
BUSINESS
June 26, 2015 | By Paul Nussbaum, Inquirer Staff Writer
SEPTA managers and other nonunion employees will be required to pay more toward their pensions, and managers hired in the future will be offered smaller pensions, under a plan expected to be approved Thursday by the SEPTA board. About 1,800 supervisory, administrative, and management employees will be affected by the changes, designed to improve the "long-term financial stability" of the transit agency's pension plan, SEPTA officials said Wednesday. The move is the latest by a public employer to reduce pension costs and shift more of the expense to employees and away from taxpayers.
NEWS
June 24, 2015
ISSUE | SCHOOL FUNDING All fall down on job Although I share the view that it's City Council's responsibility to provide adequate and consistent funding for Philadelphia schools, more attention should be given to the state legislature's role in creating the problems the School District faces ("Indecent proposal," June 17). Since the late 1990s, the legislature has ducked its responsibility for adequately funding the pension fund it created and manages. To correct this oversight, the legislature has passed the responsibility for addressing pension fund obligations to local districts - which in turn have had to dramatically increase taxes and/or reduce operating costs and programs.
NEWS
June 24, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - New Jersey Democrats on Monday unveiled the broad contours of the budget they will submit to Gov. Christie, saying they would make a full contribution to the underfunded pension system by raising taxes on businesses and the state's highest earners. Christie, a Republican who says he will announce whether he is running for president by the end of the month, has vowed not to raise taxes. The state constitution requires the Legislature to pass, and the governor to sign, a balanced budget by next Tuesday.
NEWS
May 14, 2015 | Claudia Vargas, Inquirer Staff Writer
When the Rendell administration created the Philadelphia pension perk known as DROP in 1999, it was out of a simple notion - that some employees who were about to retire were so essential that the city had to find a way to keep them working while a replacement was found. Almost right away, however, the Deferred Retirement Option Plan became a way for city workers with at least 10 years on the job to get a nice little pay bump (sometimes not so little) upon retiring. That send-off check has cost the beleaguered pension fund millions it cannot afford.
NEWS
May 8, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - The Christie administration on Wednesday told the New Jersey Supreme Court that granting public workers a contractual right to pension funding would violate the state constitution and place a "fiscal stranglehold on the state in perpetuity. " Hearing oral arguments in Gov. Christie's appeal of a ruling that he violated his own pension law, the justices wrestled with questions over the separation of powers and budget priorities. The case revolves around how to interpret a 2011 law that Christie and others said was designed to shore up New Jersey's chronically underfunded pension system by requiring both the state and public workers to contribute more money.
NEWS
April 27, 2015 | Claudia Vargas, Inquirer Staff Writer
With less than a month before the May 19 primary, the six Democrats running for mayor have yet to talk about the $5.7 billion dark cloud that threatens to snuff out their campaign promises of universal prekindergarten, cuts in the wage tax, and other costly pledges. That cloud looming over the candidates' plans, the city's unfunded pension liability, has been there for decades, and it grows with every passing year. "The municipal pension crisis - and it is a crisis - is the No. 1 issue for the future of the city," said Comcast executive vice president David L. Cohen, who served as chief of staff to Ed Rendell when Rendell was mayor.
NEWS
April 23, 2015 | Inquirer Editorial Board
Philadelphia's ravenous pension fund will be the next mayor's greatest financial challenge. It eats an increasing portion of the city budget, leaving less money for police, parks, libraries, and other services. The troubled pension fund is expected to consume 15.5 percent of the budget this year. The government's contribution has grown more than 160 percent since 2004, according to the city's financial plan, even as the share of obligations covered has dropped below 50 percent. Mayor Nutter offered a partial solution when he proposed selling the Philadelphia Gas Works, which would have yielded a substantial infusion of cash and significantly reduced the burden of contributions.
1 | 2 | 3 | 4 | 5 | Next »
|
|
|
|
|