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City Council Tries Revamping Pension System With New Rules for Deposits into Adjustment Fund

Official:Amending Section 22-311 of The Philadelphia Code, entitled "Cost-of-Living Measures for Retirees, Beneficiaries and Survivors," by amending the provisions governing when deposits are made into the Pension Adjustment Fund; all under certain terms and conditions.

Sponsor: Councilmember Tasco

Introduced: March 12, 2009

: Committee on Finance

finance pensions

No one voted on this bill

This bill was introduced in the 2008–2011 Council term and when that term ran out. The public record shows no committee vote and no floor vote at any stage, so no member of Council ever went on record for or against it.

That is not unusual here. Of the 8,465 bills introduced between 2000 and 2025, 1,624 lapsed without a single recorded vote. Ninety percent of bills that became law carry a roll call. Three percent of lapsed bills do. How this works.

Plain-Language Summary

This bill amends the city's pension fund rules to change how deposits are made into the Pension Adjustment Fund. The Board of Pensions and Retirement will determine if excess earnings can be credited to the fund based on an actuary's certification.

What This Bill Does

AI-written. Every figure is checked against the bill text.

Changes the provision governing when deposits are made into the Pension Adjustment Fund, by requiring the Board of Pensions and Retirement to determine if excess earnings can be credited to the fund based on an actuary's certification.
Allows the Board to use an actuary's certification to determine the total funded and unfunded liability of the Municipal Retirement System and whether excess earnings are available to be credited to the Pension Adjustment Fund.
Removes the requirement that the Board determine whether to credit excess earnings to the Pension Adjustment Fund on July 1, 1999, instead allowing the Board to make this determination based on an actuary's certification starting in fiscal year 2000. 4.