The City’s Pension Fund is only 45.3% funded with unfunded liability of $6.2 billion. Pension-related costs currently take up 15% of the City’s General Fund budget. With limited budgetary resources and competing priorities, as well as growing pension costs, the need to stabilize and improve the fiscal health of the Pension Fund to ensure benefits are available for current and future pensioners is great. As part of her due diligence as a trustee of the Board of Pensions and Retirement, Controller Rebecca Rhynhart, with support from her staff, analyzed the Pension Fund’s stability and its capacity to meet future obligations, evaluating the current investment strategy and the reasonableness of the assumed rate of return.
Learn more about the City’s Pension investment strategy with this quick guide.