With the city's municipal labor contracts set to expire at midnight tomorrow, a new report was released this morning on the critical state of Philadelphia's pension fund and challenges resulting from high employee health-care costs. It states that total spending on pensions and health care is now at $830 million, and will rise to almost $1.1 billion by 2013.
The report is a follow up to one released early in Nutter's term, and was funded by the same organization, Pew Charitable Trusts.
Among the findings highlighted in the press release is that the city's pension fund has less than half the money needed to meet its obligtation to past and current city workers - a situation that is not new.
To read the press release and report, go here: www.pewtrusts.org/news_room_detail.aspx.
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