Summary
The PICA Board convened on October 16, 2018, to examine pension funding issues and their impact on Philadelphia’s financial stability. Executive Director Harvey Rice provided an update on PICA’s oversight initiatives, including tax revenue monitoring and financial audits. The Board of Pensions and Retirement delivered a presentation outlining investment strategy adjustments, including reducing exposure to hedge funds and alternative investments. Board members expressed concerns over the pension system’s 45% funded ratio and increasing DROP costs. Discussions also focused on wage tax impacts and strategies to improve the City’s credit rating. The meeting concluded with debates over future pension funding projections and labor contract cost containment.