Finance director: City’s pension liabilities could top $1 billion…
Ravenstahl urges unity on pension plan…
PGH pension board discusses ways to soften PA takeover…
Finance director: City’s pension liabilities could top $1 billion…
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11 Comments
It's easy to see why they want so desperately to merge the city and the county. Pfffffttttttt.
It has absolutely nothing to do with "cost savings" and everything to do with spreading the unfunded liability.
Nice try. Swing and a miss.
city officials have been giving away future pension benefits to employees for years as a way to cook the books and look fiscally responsible on a year to year basis…of course the unions don't want this to stop…taxpayers be damned !!
$1 billion divided by Pittsburgh’s population amounts to over $7,500 per household. We seem to be in a race with Detroit to see which liberal policies can completely destroy a city.
If my pension fund goes belly up does that mean you have to make up the difference or maybe even pay the whole thing ? Call me hard hearted but if your pension fund goes belly up, tough. I don't see why I should have to pay somebody's pension. Let the people that promised the pensions and the people that did the handling of the money make up the difference.
$7500 per household? Peanuts. Isn't the per capita share of the federal debt around $40,000?
Isn't this simply pushing the liablity for generous pension plans to the tax payers across the Commonwealth.
Yep – http://www.usdebtclock.org/
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Are you trying to scare me or just make me dizzy? LOL
Anyone care to look at this pension bill for a minute of two? All of the sudden, we have a statewide takeover of a ton of municipal pension plans. The bill itself, which started in the House, was amended by the Senate, grew to 82 pages long and was drafted and passed in 4 days with no public hearings. Does this remind anyone of the midnight pesnion grab of 2005??? It should. Because what you are seeing in this bill is the state swallowing up billions of dollars in pensons so it can manage them the way the state sees fit. With bond counsels of their choice. With money managers of their choice. With legal firms of their choice. You are watching the Great Pension Grab of 2009, but this time, it is all white collar patronage. SERS, PSERS, get ready for a new kid on the block!
What is going to happen? The Retirees have to be paid with real money. Pittsburgh is not Federal Reserve. How much more can The Forgotten Taxpayer pay. It appears that Big Business gets bailed out. It is small business that is squeezed. Oh well, the unions will help; they are for the "little guy".
Sen. Browne's bill is not a good bill. For some reason, the Philadelphia Unions oppose it. The bill allows Philadelphia to solve the Underfunded Retirement benefits by…underfunding retirement benefits! not sound policy in my view. And raising sales tax to 8% when Walnut Street center city retail district has "for rent: signs does not send an inviting message to retailers considering locating in downtown Phila.