We are currently working on our latest installment of analysis on the 300 or so local pension plans in Allegheny County (see previous reports here). Overall, not much change in the plans, the data on which are collected and submitted to the Auditor General’s office, a change due to state legislation passed last year. Our analysis adds in five other pension plans in the County (the County’s plan, and four with the Port Authority).
In all (reflecting 2014 data) there were 304 plans in the County, with 80% the defined benefit type, and the remainder as non-defined benefit plans. This has changed ever so slightly from our first report in 2011 when the division was 82%/18%.
In terms of financial distress, only one plan (Clairton’s police plan) was at a level of severe distress (18% funded when dividing assets by liabilities). However, Clairton’s fire and non-uniformed plans are in better shape (114% and 77%) and thus, in the Act 44 schematic where municipalities (not plans) are ranked on distress level, Clairton is minimally distressed. 285 of the 304 plans were at a level of no distress or minimal distress.
