Summary
The PICA Board convened on October 14, 2014, to conduct financial oversight and administrative duties. Executive Director Harvey Rice presented updates on litigation involving the LIBOR benchmark rate and planned IT system upgrades for PICA. The Board approved the revised Five-Year Financial Plan, which included adjusted pension cost projections and expected savings in workers’ compensation and Fire Department overtime. Board members debated the importance of maintaining planned wage tax reductions versus preserving a higher fund balance. Additional discussions included updates on the proposed sale of Philadelphia Gas Works, cigarette tax revenue for schools, and litigation related to pension obligations.