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City Gives Preference to Philly Firms in Managing Multi-Billion Dollar Pension Funds

Official:Amending Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," by adding provisions under which local firms will be given a preference to manage the investment of Retirement System assets and to execute trades, all under certain terms and conditions.

Sponsor: Councilmember Green

Introduced: June 17, 2010

: Committee on Commerce & Economic Development

investmentspensionsphiladelphia economy

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 would give preference to Philadelphia-based firms for managing and trading the city's retirement system assets, with specific requirements for investment management contracts.

What This Bill Does

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

Gives local firms a preference to manage the investment of Retirement System assets.
Requires investment management contracts to include certain terms and conditions.
Specifies that the investment of Retirement System assets should be in accordance with the regulations for the investment of similar State funds.
Empowers the members of the Board to have exclusive control and management of the fund and full power to invest and preserve it.