Summary
The City of Philadelphia has made significant progress toward fully funding its pension obligations, with reforms and steady contributions raising its funded ratio from 45 percent in FY16 to a projected 90 percent by FY30. The report explains how continuing on this path enhances credit ratings, lowers long-term costs, and strengthens the City’s fiscal stability, particularly by reducing reliance on costly amortization payments. Choosing anything less than full funding would risk reversing hard-won gains and increase future burdens on taxpayers, budgets, and essential City services.