CollectionsPension System
IN THE NEWS

Pension System

FEATURED ARTICLES
NEWS
March 11, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
BUSINESS
April 10, 2005 | By Bob Fernandez INQUIRER STAFF WRITER
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.
BUSINESS
June 7, 2014 | By Erin Arvedlund, Inquirer Staff Writer
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.
NEWS
February 21, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
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.
NEWS
March 20, 1986 | By Vernon Loeb, Inquirer Staff Writer
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.
NEWS
June 12, 2014 | By Angela Couloumbis, Inquirer Harrisburg Bureau
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.
NEWS
October 17, 1986 | By BOB WARNER, Daily News Staff Writer
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.
NEWS
January 4, 2010 | By Thomas J. Gentzel
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?
NEWS
February 12, 2015 | Chris Hepp, Inquirer Staff Writer
Sometime as early as April, Philadelphia's beleaguered pension fund will begin sending out $62 million in bonus checks to retirees. It will do so despite being woefully underfunded - it has less than 48 percent of its $10 billion in obligations - and sucking up an ever-growing portion of the city's overall revenue. It is required to make the payments as a result of legislation championed eight years ago by then-City Councilman James F. Kenney, who is seeking the Democratic nomination for mayor in the May primary.
1 | 2 | 3 | 4 | 5 | Next »
ARTICLES BY DATE
NEWS
June 28, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - Gov. Christie on Friday signed a $33.8 billion budget for the fiscal year that begins Wednesday, vetoing tax increases passed by the Legislature to fund the pension system but extending an olive branch to Democrats by proposing an increase in a tax credit for the working poor. Christie used his line-item veto authority to nix measures passed by the Democratic-controlled Legislature to raise taxes on income exceeding $1 million and on corporations, which Democrats said would have generated more than $1 billion in revenue.
NEWS
June 27, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - New Jersey lawmakers passed a $35.3 billion budget Thursday along party lines that Democrats say makes a full contribution to the pension system for public workers, even as Gov. Christie is almost certain to veto the tax hikes that help fund it. Christie said on NJ 101.5's Ask the Governor program Thursday evening that the Legislature appeared to be adopting "another ridiculous budget. " Of the lawmakers, Christie said: "I think it's safe to say they have spent a lot of money that we don't have.
NEWS
June 25, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - New Jersey Democrats' top priority in passing a budget for the fiscal year that begins next Wednesday is to make a full contribution to the underfunded pension system for public workers. They have taken familiar steps to accomplish this, such as pushing legislation that would raise taxes on the state's highest earners and on corporations. Those components are part of a budget they advanced in committee Tuesday, setting up a full vote by the Legislature on Thursday. But Democrats also used a slick accounting maneuver to say they are making the full $3.1 billion payment for fiscal 2016, as was required by a 2011 law. (A state Supreme Court decision this month struck down that requirement.)
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
June 15, 2015 | By Maddie Hanna and Andrew Seidman, Inquirer Trenton Bureau
When New Jersey's high court ruled last week that Gov. Christie had the authority to cut billions from payments he had promised the state pension system, it spared the governor a massive budget shortfall as he prepares to announce a presidential decision. Though the legal victory over public-worker unions averted immediate crisis, it did not relieve Christie - or state lawmakers - of a reality less worthy of campaign-trail celebration: an unfunded pension liability that continues to strain the state budget and funds for many workers at risk of running out of money within the next decade.
NEWS
June 11, 2015 | By Andrew Seidman and Maddie Hanna, Inquirer Trenton Bureau
Gov. Christie on Tuesday claimed a significant legal victory in a yearlong battle with public-sector unions over pension funding, even as analysts warned that the state's long-term fiscal condition remained precarious. The New Jersey Supreme Court ruled that the state could not grant public workers a legally enforceable contract to greater pension funding, even though Christie signed a 2011 law establishing just that. In a 5-2 decision, the justices said that the state constitution prohibited the governor and the Legislature from establishing such a contract without voter approval, because it would create a long-term debt.
NEWS
May 21, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - Even as the New Jersey Supreme Court considers whether Gov. Christie violated public workers' rights by slashing this year's payment to their pension system, the state treasurer and the Legislature's top budget analyst said Tuesday that New Jersey doesn't have the money to make a full contribution. "I think, frankly, that ship has sailed," Treasurer Andrew Sidamon-Eristoff told the Senate Budget Committee. "If the Supreme Court were to direct the state to make the additional payment before June 30, I'm not sure that that's fiscally or physically possible," David Rosen, budget and finance officer for the nonpartisan Office of Legislative Services (OLS)
NEWS
May 16, 2015 | By Maddie Hanna, Inquirer Trenton Bureau
SPARTA, N.J. - Between forays to the presidential testing grounds of New Hampshire, Gov. Christie on Thursday picked up his New Jersey pension battle where he left it off, debating a retired teacher at a town-hall-style meeting. The Republican governor, who argues that the state can no longer afford its public-worker pension system without changes, presented what he said were the only options for fully funding it: large hikes in the sales tax or in the income tax for every New Jerseyan.
NEWS
May 9, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - New Jersey Senate President Stephen Sweeney introduced legislation Thursday that would raise the marginal tax rate on income above $1 million, a measure he said would help fund the pension system, but one that almost certainly will be vetoed by Gov. Christie. Sweeney (D., Gloucester) also proposed increasing a tax credit for the poor. Christie, a Republican, cut that credit in 2010 amid a budget shortfall. "No one likes to increase any tax," Sweeney said in a statement, "and it would not be necessary to do so if New Jersey did not rank near the bottom in economic, revenue, and job growth under the Christie administration.
1 | 2 | 3 | 4 | 5 | Next »
|
|
|
|
|