Post by Logan on Feb 5, 2016 5:08:30 GMT -6
For the first time since 2011, Pittsburgh’s funds for retired police, firefighters and other municipal employees, combined into the Comprehensive Municipal Pension Trust Fund, had a negative performance last year, losing $16 million.
The current market value of the pension fund is $377 million — or $663 million with addition of money earmarked from parking revenue — meaning it was 57 percent funded as of Dec. 31, according to its board, which met Wednesday.
Its return was a “flat zero” for the investment portfolio or 3.2 percent for the composite portfolio, which is both the investment portfolio and the parking asset, valued at $285.8 million, said city Finance Director Paul Leger, also executive director of the pension fund.
The pension fund’s performance has varied from a negative 25 percent return in 2008, the year of the global recession, to a high of more than 20 percent in 2013. The Public Employee Retirement Commission considered the fund to be “moderately distressed” at the end of 2014.
Read more: www.post-gazette.com/local/city/2016/02/04/Pittsburgh-municipal-pension-fund-loses-16M-in-2015/stories/201602040241
The current market value of the pension fund is $377 million — or $663 million with addition of money earmarked from parking revenue — meaning it was 57 percent funded as of Dec. 31, according to its board, which met Wednesday.
Its return was a “flat zero” for the investment portfolio or 3.2 percent for the composite portfolio, which is both the investment portfolio and the parking asset, valued at $285.8 million, said city Finance Director Paul Leger, also executive director of the pension fund.
The pension fund’s performance has varied from a negative 25 percent return in 2008, the year of the global recession, to a high of more than 20 percent in 2013. The Public Employee Retirement Commission considered the fund to be “moderately distressed” at the end of 2014.
Read more: www.post-gazette.com/local/city/2016/02/04/Pittsburgh-municipal-pension-fund-loses-16M-in-2015/stories/201602040241