If you’re willing to be very, very patient, the Nutter adminstration says Philadelphia’s Pension Fund will get back on track.
Finance Director Rob Dubow says even though the pension plan is only about 45 percent funded, adding more in a “slow and steady” fashion will make it whole….eventually.
“The actuary’s projections show that the funding percent will continue to rise each year. Eventually reaching full funding in 2039,” he told City Council.
Dubow says there are some milestones the fund balance is expected to achieve they will be keeping an eye on.
“We get up into 60 [percent] by 2023-24, into the 70’s by 2028,” he said.
The Nutter administration tried to sell Philadelphia Gas Works and use the proceeds to refill the pension fund, but that plan was shot down by City Council.