Cursive writing becoming scarcer
- City of Pittsburgh Police Pension System
- City of Pittsburgh Fire Pension System
- City of Pittsburgh Pension System for non-uniformed employees
I won’t say it means anything, but on page 14 of each there might be something missing. Just an oversight I am sure.
and just as some debate who is responsible for what. Every Act 205 report submitted by the city of Pittsburgh since the act was passed was signed by the city's Finance Director, until now.
You will see if you dig into it there are reported large employer contributions into each of the plans. These are the values of the ‘asset’ created by the promise of future parking revenues. I am a little curious how that ‘asset’ was divided among the 3 plans.
Because of all the machinations here and all this new accounting, it really is impossible to tell from this how much each pension system has in liquid assets. Why does that matter? Cash still matters if you have to send out a check. Not really news, but look closely at the very last page of the police pension report. Basically without the pension bond of the 1990’s the fund for police would have been broke all the way back at the beginning of 2009. Note the top number there which is literally zero. If the pension bond had actually been a pledged revenue stream, there would potentially have been a big problem by now.
Even with the large infusion of this 'asset' the city's Minimum Municipal Obligation (MMO) is going up from $38.1 million annually to $44.9 million annually. That is what has to be paid in addition to the parking revenue pledged into the system. What is a bit interesting is that the MMO's for the police and nonuniformed employees stayed pretty much the same, but the MMO for the fire pension system almost doubled from $7.9 million to over $14 million annually which is driving virtually all of the aggregate increase in the city's MMO. Am not sure what is going on there that is any different from the other two plans. Bigger personnel cuts in recent years is probably a big part of it.