City's unfunded pension liability grows
Thursday, August 26, 2010
By Joe Smydo, Pittsburgh Post-Gazette
The Pittsburgh pension fund's unfunded liability grew 2.1 percent in the last quarter, according to figures released today.
The fund's liability is $989.5 million, according to the recent actuarial report, and the value of the fund was about $272.2 million June 30. That's down from about $293 million on March 31.
The fund was 27.5 percent funded June 30, down from 29.6 percent March 31.
Mayor Luke Ravenstahl has proposed leasing the city's parking garages and meters and using some of the proceeds--at least $200 million--to boost the pension fund. He said the infusion would get the funding level to 50 percent and stave off a state takeover of the fund.