CollectionsPension Fund
IN THE NEWS

Pension Fund

FEATURED ARTICLES
NEWS
February 2, 2016 | By Claudia Vargas, Staff Writer
Let's say you count on earning $360,000 a year to take care of your many dependents, pay the bills, and stay afloat. You got lucky from 2010 to 2014, when you averaged about $552,000 a year. You were so flush that, in 2015, you gave your dependents a little extra, about $61,100. But last year, you saw your earnings slashed to $36,800. And to make matters worse, this year your earnings will be less, way less. And all along, however, the bills have to be paid, only they'll be higher this year.
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.
1 | 2 | 3 | 4 | 5 | Next »
ARTICLES BY DATE
NEWS
February 5, 2016
ISSUE | PHILA. PENSION FUND Council gave away the store As a story about the expected shortfall in the city's pension fund pointed out, the fund paid $61 million in bonuses to three-quarters of its 30,000 retirees last year ("Investment losses hurt Phila.'s future," Monday). That payment was required by a law conceived, drafted, and sponsored by Mayor Kenney in 2007, when he was a city councilman. Mayor Street's veto of the measure was overridden by City Council. In the face of Council's strident opposition, Mayor Nutter had to abandon his attempt to restore a long-standing limitation on payment of the bonus unless the pension fund's obligations were at least 76 percent funded.
NEWS
February 2, 2016 | By Claudia Vargas, Staff Writer
Let's say you count on earning $360,000 a year to take care of your many dependents, pay the bills, and stay afloat. You got lucky from 2010 to 2014, when you averaged about $552,000 a year. You were so flush that, in 2015, you gave your dependents a little extra, about $61,100. But last year, you saw your earnings slashed to $36,800. And to make matters worse, this year your earnings will be less, way less. And all along, however, the bills have to be paid, only they'll be higher this year.
NEWS
September 25, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - New Jersey's pension-fund investments posted an annual return of 4.16 percent in the fiscal year that ended June 30, following years of mostly sustained double-digit returns, state officials said Wednesday. Nevertheless, according to Treasury Department data, the unaudited investment returns beat the state's benchmark, a composite of various indexes, which yielded 2.93 percent. The pension system for nearly 800,000 active and retired public workers had about $79 billion in assets at the end of the fiscal year.
BUSINESS
September 23, 2015 | By Joseph N. DiStefano, Inquirer Staff Writer
Philadelphia will need to pay more into its "severely distressed" pension system, state Auditor General Eugene A. DePasquale warned Monday in a new audit of the city's retirement plans. "We are extremely concerned about the historical trend," DePasquale wrote in his 18-page report. Philadelphia pays more in pensions than in paychecks. The city employs 27,000 police, firefighters, and non-uniformed employees, and supports more than 36,000 retirees. Fully qualified retirees can collect up to 80 percent of what they took home in their best-paid years, or 100 percent if they are police or firefighters, the audit said.
NEWS
September 4, 2015
I TAKE EXCEPTION to Dom Giordano's statement in his Sept. 2 column: "The pensions for teachers come from their own contributions, the school district's contributions and the contributions of the state. " The Pennsylvania School Employees Retirement System was started on July 18, 1917. It was solvent during the Depression and many recessions since. It was always solvent and flourishing because the state, the school districts and the school employees deposited their appropriate share into the pension fund.
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.
1 | 2 | 3 | 4 | 5 | Next »
|
|
|
|
|