Monday, August 31, 2009
Pittsburgh's Municipal Pension Fund Board is drafting an amendment to ask the Pennsylvania House to give the city two years to come up with the capital to stabilize its pension fund which is at only 28% of its obligations for retirees and current city employees. The Ravenstahl Administration has proposed leasing city-owned parking garages and using that revenue to bolster support for the pension fund. The board will present the amendment to State Representative Joe Preston of Pittsburgh who is a member of the State House Rules Committee. If the House rejects the amendment, then Pittsburgh's pension fund would be taken over by the state. The Ravenstahl Administration has warned that could mean increases in annual payments of at least $25 million in 2 years.