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York, PA

Municipal Pension Distress Reaching Boiling Point in York City

(HARRISBURG – March 23, 2015) – Today Auditor General Eugene DePasquale returned to his home city and joined York City Mayor Kim Bracey to release the findings of his latest municipal pension audit.

Those findings show that, despite efforts by York City officials to shore up their distressed fire and police pensions, those same pension plan funding ratios have continued to decline. From 2011 through 2013 the pension funding ratio for police declined from 55 percent to 52.8 percent and from 60 percent to 58.2 percent for fire. Despite public safety cuts, a city operating budget which devotes 74 percent to public safety and a four-year boon in the stock market, the cost of the city's uniformed union pension plans continues to rise. DePasquale's audit also found that York City is struggling to pay its Minimum Mandatory Obligation (MMO), the state-mandated minimum amount a municipality must contribute to any pension plan. The city is behind…

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Rep. Seth Grove Unveils Municipal Pension Reforms

Pennsylvania Economy League of Greater Pittsburgh Greater Johnstown Cambria County Chamber of Commerce Pennsylvania Business Council Williamsport/Lycoming Chamber of Commerce Harrisburg Regional Chamber & CREDC Greater Lehigh Valley Chamber of Commerce Allegheny Valley Chamber of Commerce The Greater Scranton Chamber of Commerce Lebanon Valley Chamber of Commerce Pennsylvania Economy League of Greater Philadelphia Pennsylvania League of Cities and Municipalities Pennsylvania Economy League, Inc., Central Division York County Chamber of Commerce Pennsylvania State Association of Township Commissioners Greater Wilkes-Barre Chamber of Commerce Greater Reading Chamber of Commerce and Industry Greater Pittsburgh Chamber of Commerce Monroeville Area Chamber Mon Valley Progress Council The Lancaster Chamber of Commerce and Industry PMA - Pennsylvania Manufacturers' Association

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