Posted on 08/24/2009 1:34:16 PM PDT by buzzyboop
When it comes to municipal pension plans, Pennsylvania is king.
Pennsylvania has four times more pension funds than any other state, and more than one-fourth of all the municipal pension plans in the country, according to the Public Employee Retirement Commission, an agency that advises the Legislature on pension issues and oversees the soundness of local plans. The number of local plans is growing by about 30 a year.
Most of the 3,100 retirement systems, for police, firefighters or nonuniformed workers, are small. That's costly for members and taxpayers. Of 2,462 that reported administrative expenses, the cost was $36 million, or $509 annually per member.
The cost per member is $1,519 for administrative expenses for plans with fewer than 10 members, the retirement commission says, and 67 percent of Pennsylvania's local pension systems are that small.
(Excerpt) Read more at pittsburghlive.com ...
don’t worry there’s an app for that.
They will soon all be nationalized and folded into Social Security
Parade Of The Incompetent
....same thing here in North Carolina....our state treasurer has warned legislature that the coming tsunami of retirees bebefits cannot be funded.
There is an Independent candidate running who actually has some good ideas like putting public employees on a payroll and pension scale comparable to the local private sector market, limiting their growth to the growth in the city's population (which is still shrinking) and replacing new retirees, where practical, with part-time workers.
He will probably do about as well as all the Republicans before him.
Despite it all, Pittsburgh always finds plenty of money to host boondoggles like the G-20 summit.
I have a feeling this is the way it is in mostly all states.
Is Pittsburgh the city still broke?
With pension liabilities fully 28% funded? Nah, Pittsburgh is in great financial shape! < / sarcasm >
I thought maybe the superbowl win and the local mob got the city out of the red long enough to fund themselves but screw all others.
I know our state has overpaid state pension benefits to keep everyone down on the farm and they are having problems.
When the babyboomers really start retiring everything will go broke.
This is what passes for ambition here in PA...
Get some slug Gubbermint job on the public payroll.
Then retire at age 50, live off the public dole for
the rest of your life (with premium, union-negotiated
benefits)
ping
Here in Texas we give state government retirees bonus checks when their contributions aren’t bringing the expected return, and send the bill to the taxpayers.
Nothing new here folks: this guy already wrote all about it.
Hopefully, with a considerable downsizing of their pension benefits. Wouldn’t it be some sht if folks who thought there were getting 80K were forced into a system where the max payout was 3k a month.
I bet the union members will be made whole
Perhaps from the state. There are a lot of assets (State Parks, Turnpikes, etc.) that could be sold off to make up the difference. I cannot see the federal government funding lavish pensions promised by cities and towns.
and the Stealers....don't forget the Stealers......
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