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 22, 2016 | By Claudia Vargas and Tricia L. Nadolny, STAFF WRITERS
When the Kenney administration announced its new contract with the city's blue-collar union on Friday, it suggested that changes to the union's retirement plan would benefit the city's underfunded pension fund. "Making the pension fund sustainable has been a key goal of my administration from the beginning," Mayor Kenney said in the announcement of the $175 million four-year contract. But when questioned this week, administration officials could not say by how much the pension deficit would be reduced given the changes.
NEWS
July 20, 2016
THE LONG and bitter battle between management and blue-collar employees in Philadelphia government is apparently over. A truce was declared by Mayor Kenney and the city's largest union last week when the sides reached a tentative agreement on a new, four-year contract. It covers the nearly 8,000 members of the city's blue-collar union, AFSCME District Council 33 and provides pay increases totaling $109 million between now and 2020. The news came late Friday, absent the protracted public fights, rallies, and inflammatory rhetoric that characterized union contract negotiations during Mayor Nutter's term in office - when many unions went for years without a contract.
NEWS
July 20, 2016 | By Olivia Exstrum, Staff Writer
Michael Donatucci was known as a man for others, a value, instilled in him through his Jesuit education, that shone through to everyone he met. "Anybody that ever met him always said he was such a gentleman," said his father, Ronald, Philadelphia's longtime register of wills. "I was blessed to know him for 31 years. " Mr. Donatucci, chief investment officer of the city's Pension Fund, took his own life Friday night, July 15. He would have turned 31 on Tuesday. He was found dead in his home by his fiancee, Meghan Klein, whom he met about 10 years ago in Margate, N.J., where the Donatucci family has a summer home.
NEWS
July 17, 2016 | By Claudia Vargas and Jane M. Von Bergen, STAFF WRITERS
The city's largest municipal workers union, AFSCME District Council 33, signed a four-year labor agreement Friday that raises members' wages a total of 11.5 percent over its lifetime. The agreement, worth $170 million, was signed about 5 p.m. 15 days after the expiration of the old contract, which took the Nutter administration years to finalize. Mayor Kenney's spokeswoman, Lauren Hitt, said the mayor was unavailable for comment. In a statement, Kenney called the new contract "an agreement that is fair to employees but also fair to the taxpayers of this great city.
NEWS
June 29, 2016 | By Andrew Seidman, TRENTON BUREAU
TRENTON - New Jersey lawmakers voted overwhelmingly Monday to prohibit the state Treasury Department from investing public employee pension funds in companies that boycott Israel. The legislation, which is intended to defend Israel and Israeli companies from the "boycott, divestment, and sanctions" movement launched by Palestinians and their allies in 2005, now heads to Gov. Christie's desk. It passed the Assembly, 69-3, with two abstentions, and the Senate on a 37-0 vote Monday.
NEWS
June 1, 2016
A May 24 story about Philadelphia municipal pensions provided an incorrect figure for the total DROP payments for fiscal 2015. The city's pension fund expended $141.2 million in DROP payments that year.
NEWS
May 27, 2016
ISSUE | PHILA. PENSIONS Windfalls and scraps Two stories in Monday's paper were perfect examples of the inequity between the haves and have-nots. Former Philadelphia employees such as Mayor Michael Nutter and Police Commissioner Sylvester Johnson pull down more than $100,000 a year in pension money ("Long gone, but still drawing big bucks"). Not bad for people who have vacated their offices but can thank the taxpayers who foot the bill. On the other end of the spectrum are elderly residents who are struggling to get by on an average of $16,429 a year in Social Security ("Retirement a tough job in Philadelphia")
NEWS
May 24, 2016 | By Claudia Vargas, Staff Writer
John F. Street, Lynne Abraham, and Sylvester Johnson are long gone from city government, but certainly not forgotten. In fact, taxpayers continue to send each more than $100,0000 a year for their former service as mayor, district attorney, and police commissioner, respectively. The trio of retirees are among 33 former city employees, including elected officials, who are paid more than $100,000 a year, despite no longer coming to work. Johnson tops the list with an annual pension of $152,439.
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)
1 | 2 | 3 | 4 | 5 | Next »
|
|
|
|
|