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Pittsburgh Mayor Opposes Proposed State Takeover of the City's Ailing Pension

Excerpt: In an Aug. 5 letter obtained today by the Post-Gazette, the mayor outlined his position against the legislation, which would require that pension funds that are less than half-funded be folded into a state-controlled investment pool and subjected to new rules. The letter has been circulated to city council members and to Harrisburg officials by the city's lobbyist. 'The legislation would immediately increase Pittsburgh's pension payment by $28 million to $73 million,' the mayor wrote in the letter.

Catholic Dioceses of Pittsburgh, Erie Win Injunction in Challenge to ACA Contraceptive Accommodations

"The right of church-related organizations to keep a clear conscience trumps the federal government's desire to improve access to contraceptives, a federal judge ruled Thursday ... The [federal district court] judge wrote in his 65-page opinion that he was ruling on whether 'the Government will be permitted to sever the Catholic Church into two parts (i.e., worship and faith, and "good works") -- in other words, whether the Government will be successful in restricting the Right to the Free Exercise of Religion as set forth in the First Amendment to a Right to Worship only.'" [The Most Rev. David Zubick et al. v. Kathleen Sebelius, No. 2:13-cv-01459; and The Most Rev. Lawrence Persico et al. v. Kathleen Sebelius, No. 2:13-cv-00303 (W.D. Pa. Nov. 21, 2013)]

Pension Solution for Pittsburgh Remains Elusive

The city of Pittsburgh spends nearly $3 million a year managing its pension benefits and investing its retirement pool .... Some of the spending is outside the administration's control, governed instead by panels of police and firefighters who have given veterans of their ranks well-paid posts administering retirement benefits.

Pittsburgh City Council Proposes Plan That Will Avoid State Takeover of Pittsburgh's Pension Plan

Excerpt: The pension fund, now 29.3 percent funded, must be 50 percent funded by Dec. 31 to avoid a takeover by the state. For months, Mr. Ravenstahl and council have skirmished over how to raise the $220 million that would boost the fund to 50 percent.

Highmark Offers the Ultimate Get-Well Card

Excerpt: Just in time for the holidays, you'll be able to buy Dad a gift card that pays for his semiannual trip to the urologist. That's gotta rank below socks and underpants, no? But Highmark Inc., the Pittsburgh-based health insurer, hopes its new Healthcare Gift Card will encourage people who might be reluctant to visit the doctor or spend their money on prescriptions -- namely, seniors and college students -- to do so.

5 Years Later: How COVID Changed Health Care

"What happened during those early weeks and months of the COVID pandemic changed the face of health care -- both in terms of the people working within it and the way that health care is delivered.... Before COVID, telemedicine was often seen as an inferior option, or one to be used only in special circumstances. But as it became commonplace out of necessity early in the pandemic, a surprising thing happened."

Health Insurance Alone Won't Keep Workers from Quitting, Even During a Pandemic

"Health care might keep employees from looking elsewhere, but it might not be the factor drawing new ones in.... Some companies have experimented with new tools to attract employees, while maintaining their health care offerings."

Teamsters Pension Plan Warns Thousands of Beneficiaries That the Checks May Get Smaller

"The Western Pennsylvania Teamsters fund -- which has about 48 cents for every $1 in benefits it owes to retirees and workers -- notified participants in April that it is considering cutting benefits in order to insure that the fund doesn't become insolvent. The plan is expected to pay out nearly $129 million in benefits this year but will collect only about $54 million in contributions. If the current level of benefits is maintained, the fund is projected to run out of money in 2028."

$1 Million Question: How Much Is Enough for Retirement?

"The advisers factored in an estimated average monthly Social Security benefit for a couple at $2,212 a month with a cost of living adjustment of 2.6 percent per year. They also assumed a rate of return on invested savings of 6.5 percent a year with inflation estimated at 3.5 percent each year. They found that a person who wants a retirement income of $50,000 a year for the rest of his or her life would need a lump sum of about $500,000. For an annual income of $75,000 the person would need about $1 million saved; and savings of $1.5 million for an annual income of $100,000 combined with Social Security."

Teamster Pensions Go Off Road

"Central States is the poster child for underfunded pension plans. According to the fund's 2014 annual report, it has projected assets of about $17 billion to cover projected liabilities of $35.2 billion. Whereas four workers generated employer contributions that supported one retiree in 1980, today one worker supports five retirees. Executive director Thomas Nyhan said the fund pays $3.46 in benefits for every $1 dollar employers contribute, a pace that is expected to drain the fund within 10 years."