Pittsburgh's Pension Problem

Publication: Philadelphia Inquirer

Author: Jeff Shields

07/27/2009 - Fiscal problems got you down, Philadelphia? Tax revenue drying up, pension problems draining the city budget, and Harrisburg indifferent, or downright hostile, to your pleas for help?

Here's a consolation: We're not Pittsburgh.

Having achieved the unenviable position as a national poster-child for distressed pension systems, Pittsburgh is now facing tough choices to begin the climb from a hole some believe it will never get out of alone. A recent report by The Pew Charitable Trusts showed its pension to be the worst among those of 10 comparable cities, including Philadelphia's, which ranked eighth.

With $252 million in assets and just under $900 million in liabilities, Pittsburgh, in December, had 28 percent of the money it needed to pay its long-term pension bills.

Read the full article Pittsburgh's Pension Problem on the Philadelphia Inquirer's Web site.

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