Soon Nobody Will Be Fooled....By The Pension Ponzi
Pittsburgh's multimillion-dollar pension liability is set to balloon to $1.04 billion today, when city officials must comply with a state requirement to report retirement obligations to police, firefighters and other city workers.
With $296 million on hand in February, the city has about 30 cents for every dollar required to cover pension promises to about 3,200 employees and thousands of pensioners.
Mayor Luke Ravenstahl wants to avoid a state takeover of the pension funds looming at year's end by depositing at least $200 million from a controversial plan to lease city parking garages and meters for 50 years to a private firm.
"They're going to have to be very liberal in their assumptions, if they think that $200 million is going to bring them to 50 percent," said James McAneny, director of the Pennsylvania Employee Retirement Commission. "They're going to have to assume really good earnings and that nobody is going to be able to get a pay raise."
If the fund reaches 50 percent by year's end, it can remain under the city's control. If not, the state could require the city to increase its annual pension contribution of $54 million, a level Ravenstahl considers to be painfully high.
If pensions are not being funded....who will Wall Street sell its toxic junk??? Havn't you figured out how banksters can take home big bonuses on the backs of taxpayers????.....why do you think government bailed out bankers and not taxpayers?
The size of the deficits are simply becoming mathematically impossible to cover.........we knew it was coming....now it is here......as Wall Street keeps distracting you with the ticker as your pension funds buy up the last few shares.
When she goes.....there will be nothing underneath her......