Pittsburgh Council Finishes Pension Fix to Avoid State Takeover
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Pittsburgh’s City Council directed $736 million in parking-tax revenue to its underfunded pension system, eight hours before the deadline to avoid a state takeover and higher pension payments.
Council members voted 9-0 to override Mayor Luke Ravenstahl’s veto of the plan to dedicate as much as $27 million a year of its 37.5 percent parking-lot tax through 2041 to the retirement funds. The pensions had about $325 million in assets to cover $1 billion in promised benefits before the council action, according to a consultant’s report.