Some good news for city workers as Philadelphia leaders say its $10 billion pension system is on track to be fully funded by 2032. <\/p>\n
It’s come a long way from a decade ago when the pension fund was only 45% funded which posed a threat to the city’s fiscal health. <\/p>\n
Through a series of reforms, that number now sits at 67%, city leaders say. <\/p>\n
The pension system pays for retirement benefits for city workers and Mayor Cherelle Parker said that the city must stay committed to reaching 100% funding for the health of Philadelphia’s financial future. <\/p>\n
“We\u2019ve made smart investments, doubled our assets, reduced investment manager fees \u2013 resulting in a large reduction of the overall liability for taxpayers,” City Controller Christy Brady wrote in a statement. <\/p>\n
Retirees will receive added benefits using a $45 million payment through the pension adjustment fund. <\/p>\n
That money will be distributed by the end of the fiscal year. <\/p>\n","protected":false},"excerpt":{"rendered":"Some good news for city workers as Philadelphia leaders say its $10 billion pension system is on track…\n","protected":false},"author":2,"featured_media":516654,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,186,184,185,5136],"class_list":{"0":"post-516653","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-finance","12":"tag-personal-finance","13":"tag-personalfinance","14":"tag-philadelphia"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/516653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=516653"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/516653\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/516654"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=516653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=516653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=516653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}