Penn. Municipal Pension Funds Get One-Time Windfall
Pennsylvania’s municipal pension funds are in line for a one-time windfall thanks to a change in how out-of-state insurers submit taxes on their casualty and fire insurance premiums.
The Pittsburgh Post-Gazette reported Friday that the money comes from changing the tax payment schedule from quarterly to yearly.
The paper says Pittsburgh’s state aid will grow from $16 million to $26 million, and Monroeville expects a $400,000 increase.
The Public Employee Retirement Commission says the money will be divided among municipalities with underfunded pensions, based on need and the number of workers.
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