March 11, 2013 |
Third in an occasional series. The biggest item in Philadelphia Mayor Nutter's yearly budget request to City Council this week won't be for police, prisons, or parks. It will be for more than $500 million to stoke Philadelphia's pension system, which pays retirement checks to ex-city workers and their survivors. That pension tab will eat nearly $1 of every $5 the city raises from real estate, wage, business, and sales taxes. That's up from $1 of every $16 a decade ago, noted city Finance Director Rob Dubow.
April 10, 2005 |
Proposed changes to the federal pension-insurance system would go a long way toward warding off crisis and avoiding an eventual taxpayer bailout. But the cost of the changes could threaten businesses' ability to offer the very defined-benefit pensions that the proposals are meant to protect. And the Bush administration's proposed changes - introduced in January - have run into broad opposition from corporate lobbying groups and unions. They say changes should be made, but the current proposals could lead to lower pension benefits and overburden weak companies.
June 7, 2014 |
The City of Philadelphia's pension system hired some new money managers at its regular board of trustees meeting Tuesday, awarding mandates to a number of investment firms, some known locally and others nationally. Pending completion of their contracts, the Board of Pensions and Retirement awarded new mandates to the following active managers in fixed-income, and domestic- and international-equity sectors: In domestic equity (small, mid-, and large capitalization), Brandywine, Lyrical, Hahn, Herndon, GW, and Apex received commitments of money from the city.
March 20, 1986 |
When Mayor Goode delivers his annual budget address this morning, he probably will not even mention the city's pension system. It is, after all, one of those fixed costs of doing business, like heating bills and health insurance. But the pension system is expensive - it has cost the city $157 million this fiscal year, close to 10 percent of the entire operating budget. And the pension benefits are generous - among the best money can buy. Simply put, the city spends more than half of all the real estate taxes it collects every year covering the cost of its pension system.
February 20, 2015 |
WASHINGTON - Gov. Christie said Thursday that he had worked to make New Jersey more affordable during his tenure but warned that growing costs of retiree benefits were crowding out spending for services such as education and health care. Christie's speech came as he prepares to deliver his annual budget address Tuesday to the Democratic-controlled Legislature. "We will continue to resist a tax system in New Jersey which is unfair to our citizens," Christie said at the Marriott Wardman Park hotel.
June 12, 2014 |
HARRISBURG - Tackle the state's pension problem. Then we'll talk. So said Gov. Corbett in a message to legislators Tuesday, laying out a road map of how he expects budget talks to proceed over the next few weeks. In a brief interview with reporters, Corbett said that if the GOP-controlled legislature moves on a bill to change the state's pension system for future state and school employees, he will consider tax-increase proposals to plug the budget gap. Sluggish tax collections have left Corbett's $29.4 billion proposed budget out of balance by at least $1.2 billion.
October 17, 1986 |
A bill to create a two-tiered city pension system - with reduced benefits for new city workers hired from 1987 on - was proposed yesterday by the Goode administration. The measure would bring Philadelphia into compliance with a new state law designed to provide more solid financing for municipal pension systems throughout the state. City officials were unable to provide any specific projections on the financial impact of the proposal, citing uncertainty over the number of future city employees, future salary levels and other variables.
January 4, 2010 |
Dec. 11 began what could be a catastrophic era for Pennsylvania taxpayers. The Board of Trustees of the Pennsylvania School Employees Retirement System (PSERS) voted to increase the employer contribution rate to 8.22 percent of payroll for 2010-11, a 72 percent increase from this year's rate. Those percentages will continue to climb, reaching a projected rate of near 30 percent of payroll by 2012-13 and are estimated to remain above 20 percent for nearly two decades. How much will school property tax bills increase to fund this unsustainable expense?
March 5, 2010 |
The Republican and Democratic candidates for governor, all together for the first time last night, bemoaned one of the most pressing issues facing the state's next chief executive - the looming pension crisis. But they offered no certain solutions. When Gov. Rendell's second term ends in January, he will leave state government with a $20 billion pension gap. Although taxpayers are scheduled to pay $1.3 billion next year to help fund the pension system for state and school employees, that amount may have to grow severalfold in order to avoid default.