State Auditor General Eugene DePasquale is planning an audit of how money's being managed in Pennsylvania's two biggest employee retirement systems.
The city negotiated lower interest rates and pension reform.
Pennsylvania's two large public-sector pension systems say they've reduced their investment management fees by millions of dollars.
"Unfunded liability" rolls off the tongue about as easily as "high cholesterol," "structural deficit," and "negative cash flow." It may not sound dire, but it's a slow and silent killer.
Two Republican lawmakers from the midstate have filed a lawsuit to block Gov. Wolf from abolishing a state agency without involving the legislature.
If aid's delayed, certain municipalities could face penalty fees. The amounts, in some cases, would be tens of millions of dollars.
"Regardless of where you come down on that fight, the work needs to get done."
Ultimately, tax payers would be on the hook to make up for low returns.
The city’s pension plans — for firefighters, police, non-uniformed city workers, and Bureau of Sewage employees — have a liability of $26 million.
Pennsylvania House and Senate Republicans are at odds over how much the commonwealth should pay into its retirement systems.
Pennsylvania's largest retirement system is slamming a state Senate-approved pension overhaul that would further reduce, or "collar," state payments into its pension funds.
The exemption would apply to 98 percent of Pennsylvania's municipal retirement systems.
Pennsylvania lawmakers have asked for a closer look at how a pension bill would affect future local police and firefighters during retirement.
Gov. Wolf's spokesman says only state — and not municipal — pension systems will change as part of budget compromise.
Municipal pension aid isn’t determined by need.
A new pension review board was appointed Monday night by Shamokin Mayor William Milbrand to address serious issues.
Pennsylvania Auditor General Eugene DePasquale discussed pension reforms with local officials and business leaders Wednesday at the Greater Scranton Chamber of Commerce and came away with a new idea, he said.
It’s now up to the Governor and the legislature to consider turning these recommendations into laws.
Following a scathing report, Scranton’s mayor wants to transfer all of the city’s pension funds to the Pennsylvania Municipal Retirement System.
New report says 'the transactions surrounding the doubling of pension payments has revealed a disregard for the applicable laws governing pension plans.'
A month after Republican lawmakers advanced a plan to end the traditional pension for new state workers, they've set their sights on doing the same for future municipal employees in Pennsylvania.
For the third time in four years, advocates for altering public pensions have a plan they want to put to a statewide vote.
But this time the proposal by pension-change advocates has a new twist: Pensions and other retirement benefits would automatically become a matter of ballot-box politics by requiring voter approval any time government officials sought to upgrade benefits.
A measure just introduced in the state Senate hits nearly every point in the platform championed by local pension reform advocates.
June 5, 2015 | The New York Times
Facing a shortfall of more than $50 billion in his state’s pensions, and with no simple solution at hand, Gov. Tom Wolf of Pennsylvania is proposing to issue $3 billion in bonds, despite the role that such bonds have already played in the fiscal woes of other places.
The state of Illinois faces unfunded pension liabilities that one government commission in November put at $111.2 billion.
California residents attending the University of California got some good news this month when Gov. Jerry Brown unveiled his $115 billion budget plan: they will not see tuition increases over the next two years.
Gov. Tom Wolf's administration fired a new volley Monday against a Senate Republican bill to overhaul benefits in Pennsylvania's two big public employee pension systems.
Some experts say turning to pension bonds, which Wolf is suggesting for some cities, is risky, in general, and ill-timed.
May 13, 2015 | Chicago Sun Times
Moody's Investor's Service on Tuesday dropped Chicago's bond rating two more notches — to junk status — turning up the heat on Mayor Rahm Emanuel to raise property taxes and on the Illinois General Assembly to approve a Chicago casino
Proposed changes to Pennsylvania's retirement systems would save the commonwealth $18 billion over 30 years, according to a fiscal analysis of the plan being fast-tracked in the state Senate.
Search the map to see a municipality’s pension liability, relative to population.
The state Senate GOP's plan to change to Pennsylvania's pension system is a heavy political lift that remains untested in the Legislature.
Republican leaders of Pennsylvania's Senate want current state and school employees to pay more toward their retirement to help shore up a severely underfunded system.
Barry Shutt has a simple routine when he comes to the Pennsylvania Capitol. He heads for the cafeteria entrance, opens his folding chair next to a pillar, and sets up his sign.
Philadelphia’s severely underfunded pension fund mailed out $31 million in retiree bonuses on Friday.
Pennsylvania's Senate Republicans plan to roll out a proposal to overhaul public pensions in early May, the first step toward making good on their promise to address pension debt before negotiating a commonwealth budget.
Public employee retirement funds are indeed worse off in urban areas, but there are a few things you should know.
April 28, 2015 | Philadelphia Inquirer
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.
Hundreds of township supervisors are in Hershey this week for their annual meeting.
Think of it as the state's Act 47 recovery law for distressed communities - but for municipal pensions, specifically.
Short answer: it depends on the judge.
Pennsylvania is rare among the states for giving aid to municipal pensions, allocating nearly $250 million last year to 1,500 municipalities.
Pennsylvania Senate Republicans, seeking a way to cut public pension costs immediately, think they might scale back retirement benefits to pre-2001 levels. But, like most old ideas, this one comes with baggage.
As state lawmakers look to pension reform, local leaders weigh in.
Pennsylvania officials have dedicated lots of lip service to the problem of underfunded pensions, but not much time, money or brainpower to fixing it – at least, not specifically.
Despite putting revenue from parking and the Rivers Casino into the pension fund, Pittsburgh’s pension problems aren’t getting any better.
With a court ruling months away, things can go back to normal at the small state agency for now — sort of.