Pittsburgh's pension fund shows some recovery
May 9, 2012 1:36 pm
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Pittsburgh's pension fund ended the fourth quarter with a value of about $565.2 million, up about $16.6 million from the third quarter.
As of Dec. 31, the fund was 55.8 percent funded, up from 54.2 percent on Sept. 30, according to figures provided at a pension board meeting today.
In December 2010, city council passed a bailout package that bumped the solvency level to 62 percent, averting a state takeover. But stock market volatility has eroded some of those gains.
Because of strong market activity last month, however, the fund's value had increased to $573.8 million on Jan. 31. That represents a funding level of about 56 percent.
Joe Smydo:
jsmydo@post-gazette.com
or 412-263-1548.
First Published February 9, 2012 2:17 pm
First Published February 9, 2012 2:17 pm
