- See also: Pennsylvania public pensions
The city's unfunded pension liability was $4.5 billion as of July 1, 2012. The city has shifted some workers to a hybrid system with 401(k)-style portion and given others the option of joining the new plan or contributing more of their own pay to stay with their current benefits.
According to a recent report published at Northwestern University, Philadelphia is one of the ten municipalities with the largest amount of unfunded pension liabilities. Nationwide there is $574 billion in unfunded pension liabilities for local pension plans, and this is in addition to the $3 trillion in debt facing state-sponsored pension plans. The report states that the pension plans could be out of money as early at 2025.
|Number of plans||Liabilities, Stated Basis, June ’09 ($B)||Liabilities (ABO), Treasury Rate||Net Pension Assets ($B)||Unfunded Liability ($B)||Unfunded Liability / Revenue||Unfunded Liability per Household ($)|
Public employee salaries
In 2010, the city awarded new contracts to firefighters. The new contract granted 9 percent raises and the city will continue to contribute $1,270 to each employee monthly for health care costs until December, when the union's health and welfare fund will switch to a self-insurance program. Current firefighters will also continue to earn the same retirement benefits, but all new hires will have reduced pension benefits and a defined-contribution plan similar to a 401k.
The costs for the raises are estimated to be $67 million.
The Philadelphia Housing Authority has been collecting $200 annually from landlords participating in a subsidized housing program. The money was given to Pennsylvania Institute for Affordable Housing Professionals, and was supposed to cover a mandatory one day training on how to be a good landlord, but instead the money was diverted towards lobbying and a general fund. In total the Housing Authority collected $300,000 from 1,500 landlords.
Federal prosecutors have subpoenaed the Housing Authority records, and it is currently under investigation.
Additionally, the former PHA executive director Carl R. Greene, was fired in September of 2010 by the agency board after he secretly settling three sexual-harassment claims filed against him. There are two other cases pending.
In 2011 Mayor Nutter proposed $16.5 million in cuts to housing agencies in the city, including $5.3 million in cuts to personnel due to a reduction in state and federal funding.
- See also: Evaluation of Pennsylvania city websites
|Transparency grading process|
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- Associated Press, Atlanta to San Diego: 7 cities' pension problems, Jan. 2, 2013
- MacIver Institute, City of Milwaukee Pension a Ticking Time Bomb According to Northwestern Study, Oct. 12, 2010
- Philadelphia Inquirer, Philly firefighters contract awards 9 percent in raises, Oct. 15, 2010
- Philadelphia Inquirer, PHA diverted landlord fees to a nonprofit with a lobbying fund, Oct. 18, 2010
- Philadelpia Inquirer, Philadelphia proposes $16.5 million cuts to housing agencies, May 20, 2011
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