A Blessing or a Curse?
On the subject of City Council’s latest attempt to craft a pension solution that averts a state takeover in two days by using dedicated parking meter revenue over the next three decades, there are dueling news reports over just how supportive the head of the Public Employee Retirement Commission (PERC) was of the plan.
One print report stated "council members last week consulted the state about dedicating future revenue streams to the fund. The concept won approval of [the] executive director of the state Public Employee Retirement Commission, the agency that enforces pension laws."
Another print report quoted the director as saying "It’s too late…even if they got $500 million next year, it wouldn’t change the takeover, unless the General Assembly changes the law." The law in question is Act 44 of 2009, the statute that dealt with municipal pensions and contains the specialized provisions for Pittsburgh.
Obviously there is a big difference between the original lease proposal, which would have given an up-front lump sum payment to show up on the audited books of the pension funds, and a dedicated revenue stream over a thirty year time period. There is apparently a big difference as to how convinced one official is of carrying out the latter plan.