Pension Board

==Insights==
===Council proposes change in Pension Board ===
:April 16, 2008, Pittsburgh Post-Gazette
Pittsburgh City Council unanimously approved an ordinance yesterday that would mandate that its president and the city controller sit on the seven-member panel that oversees the city's troubled pension fund.
"This is in direct relationship to the pledges we signed in February 2008" in which council and Mayor Luke Ravenstahl agreed to work together on a joint agenda that includes fuller pension funding, said Councilman Patrick Dowd, who wrote the legislation.
Currently, four members of the panel are appointed by the mayor, and the other three are chosen by police, firefighters and other city employees, respectively. The council and controller seats would replace two of the mayor's appointees. Council President Doug Shields is already on the pension board, but Controller Michael Lamb is not.
The city's home rule charter gives nomination powers to the mayor and a confirmation role to council. The administration did not say whether the mayor will sign or veto the legislation, or allow it to become law without his signature.
At year's end, the pension fund contained $386 million, or 45 percent of the $862 million it should have to cover the anticipated payouts to retirees and current employees. The shortfall compels the city to pay $44 million -- 10 percent of its budget -- into the fund this year, up from $38 million last year.
category:organizations