Philly’s pension system for city workers on track to be fully funded

Some good news for city workers as Philadelphia leaders say its $10 billion pension system is on track to be fully funded by 2032.

It’s come a long way from a decade ago when the pension fund was only 45% funded which posed a threat to the city’s fiscal health.

Through a series of reforms, that number now sits at 67%, city leaders say.

The pension system pays for retirement benefits for city workers and Mayor Cherelle Parker said that the city must stay committed to reaching 100% funding for the health of Philadelphia’s financial future.

“We’ve made smart investments, doubled our assets, reduced investment manager fees – resulting in a large reduction of the overall liability for taxpayers,” City Controller Christy Brady wrote in a statement.

Retirees will receive added benefits using a $45 million payment through the pension adjustment fund.

That money will be distributed by the end of the fiscal year.