Year

Report/Event

Funded Ratio

Recommendations

1996

Competitive Pittsburgh

18%

Pension Bonds, Use Savings from Bond Sale or Debt Restructuring to Reduce Obligations

2000

Pgh21

60%

Seek additional state aid, Establish defined contribution plan for new employees

2004

Initial Act 47 Plan

41%

Make pension payments at beginning of year, ask state to amortize liabilities, re-evaluate pension contribution levels

2004

Mayor’s First Financial Forecast

41%

Close loophole on state pension aid, hold harmless for workforce reductions

2008

Mayor’s Testimony to Senate Urban Affairs and Finance Committees

42%

Revise state aid, prevent spiking, permit defined contribution plans, consolidation of plans into a statewide system

2009

Amended Act 47 Plan

29%

Contribute $10-14 million more per year to pensions, evaluate pension bond funding, no pension enhancements, explore a new, lower cost defined benefit plan for new hires

2009

Mayor’s Plan and Act 44 Provisions

29%

Sell or lease all Parking Authority garages, lots, and meters and put proceeds into pension fund, Higher ed tax, freeze of parking tax at 37.5% with 6.75% used for MMO, permit an additional 2.5% on parking if all garages are sold with 100% of that tax going to MMO