Pittsburgh pension fund shows strong return on investments
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The City of Pittsburgh's combined municipal pension fund saw a substantial investment return in 2012, far outperforming benchmarks and boosting the funded rate to 60 percent.
The rate of return on the fund's investments for 2012 was 14.3 percent, the members of the Comprehensive Municipal Pension Trust fund learned at a meeting this afternoon. The projected rate of return was 8 percent.
"It's good news," said city finance director Scott Kunka.
That puts the fund in the top 5 percent for performance among public defined benefit funds among a large sample of funds that list their data with InvestorForce, investment consultant James Wesner said at the meeting.
The fund grew by $31.2 million in 2012. The combined pensions for the fire, police and municipal employees now stand at nearly $605 million, meaning it is about 60 percent funded.
The fund has grown by 3 percent in the first month of this year, Mr. Kunka said.
First Published February 14, 2013 2:37 pm