Pensions

Pension Reform
5:34 pm
Mon July 14, 2014

Corbett Touts Tobash's Pension Reform Plan in Shaler Township

Governor Tom Corbett talks pension reform with Alice Beckett-Rumberger (center), of the non-profit North Allegheny Foundation, and Tara Fisher, vice president of the North Allegheny School District board.
Credit Liz Reid / 90.5 WESA

Less than a week after Pennsylvania Gov. Tom Corbett ended the budget standoff with the state Legislature, he’s setting a new deadline for pension reform: election season.

Corbett was in Shaler Township Monday afternoon pushing an overhaul of the public pension system, which he said is necessary to help struggling school districts and stem the wave of rising property taxes.

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Essential Pittsburgh
5:02 pm
Wed July 2, 2014

Explaining Governor Corbett's Budget Battle

Credit Capitol Media Service

Budgets often lead to some of the most contentious battles within government, and the approval for the Pennsylvania’s $29.1 billion budget is shaping up to follow suit.

The budget was approved by lawmakers on Monday night, hours before the end of Pennsylvania’s fiscal year, but Governor Tom Corbett refused to sign the budget sent to him.

He said he would withhold his signature until the General Assembly made a decision regarding pension cuts, adding that the budget “does not address all the difficult choices that still need to be made.”

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Government & Politics
7:51 am
Tue July 1, 2014

Corbett Withholds Signature On Budget For Pension Overhaul

Gov. Tom Corbett is holding off on signing the $29.1 billion commonwealth budget approved by state lawmakers Monday evening.

The announcement came just after the final vote on the spending plan, which includes no new taxes but leans heavily on one-time revenue sources and hopeful revenue forecasts.

In a written statement, the governor took issue not with anything in the spending plan, but with the Legislature’s failure to pass another one of his top priorities: changes to public pension benefits for future state and school employees.

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Government & Politics
3:51 pm
Mon June 16, 2014

City Council Hears From Public On Act 47 Amended Plan

Pittsburgh City Council members heard from the public Monday about the third amended recovery plan for the city.

Pittsburgh has been under financial oversight for a decade. The amended plan, aimed at getting the city out of Act 47 status and closer to financial solvency, sets novel goals: to reduce the city’s deficit and debt burden, maintain the fund balance at an appropriate level, increase pension contributions and spend more on capital construction.

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Government & Politics
5:23 pm
Mon June 2, 2014

Pittsburgh Receives Latest Act 47 Recovery Plan

Pittsburgh’s Recovery Coordinators have submitted a new plan – the third since the city has been under distressed Act 47 oversight – to get the city into solvent financial shape.

In addition to eliminating operating deficits and reducing the city’s debt payments, the latest plan to get Pittsburgh out of commonwealth oversight focuses on beefing up the employee pension fund.

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Government & Politics
3:30 am
Mon May 26, 2014

NJ, PA Face Similar Pressures To Defer Pension Payments

New Jersey and Pennsylvania are caught between a rock and a hard place: The budget shortfalls that make deferring pension fund contributions so tempting, and the credit downgrades that await them if they skip more scheduled payments on ballooning pension debt.

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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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