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Posted on: Feb. 23, 2016, 2:09 p.m.
The dire state of Philadelphia's municipal pension has been apparent for years. Lacking $5.7 billion for the 64,000 current and future pensioners, the city's pension fund is one of the worst-funded in the U.S. and is devastating Philly's finances. The Financial Times reported last week that the city's actuaries expect the huge funding gap to close by 2039 and meanwhile the amount of Philadelphia's budget dedicated to the pension continues to climb, hampering the city's ability to fund other services ... Full investment news article