Someone Figures Out Just How “Underfunded” Philly’s Pension Fund Is

One hears the term “underfunded pension” thrown around quite frequently. And if you read Patrick Kerkstra’s May piece on Philly’s pension problem, you know the city’s got one, with 34,966 city workers still collecting (often hefty) paychecks. But how much, exactly, is unfunded? According to a report released yesterday by the Pew Charitable Trusts, only 62% of Philadelphia’s pensions were paid for, as of 2009. Among major cities, only Philly and Chicago ranked near the bottom of the list in two crucial categories: How much money the city has saved up, and how much it’s collecting each year. [Daily News]