PICA Clarifies Katz Remarks on Pension Fund

The Pennsylvania Intergovernmental Cooperation Authority just put out a statement, saying that Board Chairman Sam Katz's remarks yesterday about possible selling a city asset to help the underfunded pension plan were not made on behalf of the board.

Here's the release:

PICA Board Clarification Regarding Sam Katz Statements on City Asset Sales

In discussion with reporters following the PICA Board meeting on July 26, 2011, PICA Board Chairman Sam Katz expressed his views that the City may have to consider selling certain assets, including the Philadelphia Airport and the Philadelphia Gas Works, as a means for paying down the unfunded pension liability. The opinions expressed by Mr. Katz represented his views and do not reflect the views of the PICA Board. The PICA Board has not discussed, deliberated, or made any recommendations regarding the sale of City assets.

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