Pensions

City Government
3:55 pm
Fri December 13, 2013

Controller Lamb: Pension Board Vote Was 'The Right Decision for Pittsburgh'

Pittsburgh City Controller Michael Lamb said Thursday’s board vote to lower the pension fund’s projected rate of return was good financially for the city.

The fund’s assumed rate of return was lowered from 8 percent to 7.5 percent after a 5-2 vote led by Mayor Luke Ravenstahl's allies. Supporters of Mayor-elect Bill Peduto then accused Ravenstahl of political maneuvering.

Ravenstahl was opposed to lowering the rate during most of his tenure.

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City Government
12:40 am
Tue November 26, 2013

Peduto's Early Retirement Plan for City Employees Moves Forward

Mayor-elect Bill Peduto saw his plan to offer early retirement to some city employees move forward in City Council Monday.

The plan would allow 136 city employees, whose age plus years of employment equals 70 years, to begin collection their pensions early. Currently that number has to equal 80. The employees must also be at least 50 years old and have no less than 8 years of service to the city.

Peduto says this is all part of his vision for a major shakeup at City Hall.

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City Government
4:24 pm
Wed November 20, 2013

Peduto's Early Retirement Plan for City Employees Hits a Snag

A City Council vote on Mayor-elect Bill Peduto’s plan to incentivize the early retirement of roughly 400 city employees has been delayed once again, and may even have hit a major snag.

Councilman Ricky Burgess wants to tie the bill to increased funding for the Pittsburgh Summer Youth Employment Program, or PSYEP.

Burgess said it’s a matter of priorities.

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Government & Politics
4:03 pm
Fri August 9, 2013

Lawmaker Proposes Statewide Pension Plan for Local Police

One state lawmaker is proposing to create a statewide pension plan for municipal police officers.
    
The plan would not include automatic boosts in benefits known as cost-of-living adjustments and would mandate a 7.5 percent contribution from members.

Republican state Rep. Glen Grell of Cumberland County, head of the House GOP pension reform task force, said the statewide pension plan would only be optional for current local officers.

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