PA System Wants Expedited Review of Pittsburgh Plan’s Funding

Pittsburgh was granted a two-year exemption in the bill, and that two years is up (see Pittsburgh Gets Extension in House Version of Pension Reform). The Pittsburgh Post-Gazette reports that Jim Allen, secretary of the state municipal retirement system, said he wants the analysis of Pittsburgh’s funding level completed as quickly as possible.   

Under the law, the city has until the end of August to provide its funding analysis to the Public Employee Retirement Commission, which will need about two weeks to verify the city’s analysis, the news report said. The law would require Allen to complete a takeover of the city fund by October 31 — but he said there’s no way he can meet that deadline if the retirement commission’s decision isn’t available until mid-September. According to the Post-Gazette, he said he needs months, not weeks, to get the job done.  

The Pennsylvania Municipal Retirement System board has directed Allen to send a letter to city officials and the retirement commission asking for a speeded-up review of the city’s funding level.