Fran Bielli and Sumit Handa - "Status of Pensions in Philadelphia and the forecast for the future"

 Registration Closed
 
33
Category
2014-215 SEASON
Date
18 Dec 2014 12:00
Number of seats
38
Seats available
5

At our December meeting Fran Beilli, Executive Director, Philadelphia Board of Pensions, and Sumit Handa, CIO, Philadelphia Board of Pensions addressed the membership on the 'Status of Pensions in Philadelphia and the Forecast for the Future"

024

The present Philadelphia Board of Pensions, approved by City Council in December 1956, is composed of the Director of Finance, The Managing Director, the City Solicitor and he Personnel Director and the nine person Membership Board, made up of elected Civil Service staff who serve for a four year term of office. The Board approves all benefits but its major role is that of 'trustee' to ensure that the Retirement System remains actuarially and financially sound for the benefit of current and future benefits recipients. The Board, with the assistance of its professional consultants, develops the policies and strategies which will enable the Board to successfully execute its fiduciary obligations. The Executive Director, aided by a staff of 75 personnel, administers the day to day activities of the Retirement System, providing services to over 64,000 members.
Mr. Biella and Mr. Handa gave a detailed report on the state of our pension system today, based on the April 2014 Actuarial Valuation Report: As of July 1, 2013. We will summarize a few of their statements here, but suggest that members visit the Boards website to read the entire report and further detailed information on these, and other, points.
- The return on assets for the year ending June 30, 2013 was favorable when benchmarked against the assumed 7.95% return.
-The Unfunded Actuarial Liability is the excess of the Systems actuarial liability over the actuarial value of assets. The UAL increased from $5.083 billion as of July 1, 2012 $5.327 billion as of July, 2013.
- The funding ratio decreased from 48.1% as of July 1, 2012 to 47.4% as of July 1, 2013.

- The MMO (Minimal Municipal Obligation) increased from $523.4 million for FYE 2014 to $556.0 million for FYE 2015.

Members were told that when reading the reports they should remember that each valuation given is merely a snapshot of the long term progress of the pension fund. It is equally important to judge a current years valuation result relative to historical trends, as well as trends expected in the future. Overall the future of the Philadelphia Pension fund is a promising one.
The web site can be accessed by going to City of Philadelphia / Government / Boards / Board of Pensions and Retirement. Also available on the web site are The Investment Policy; Philadelphia Code; Pension Regulations; COP Deferred Compensation Plan as well as copies of present and past Actuarial Valuation Reports and various pension forms.

 
 

All Dates

  • 18 Dec 2014 12:00

List of Participants

Suzy DrinanSuzy Drinan (1)
18 Dec 2014 - 12:00
Brian DriesBrian Dries (1)
18 Dec 2014 - 12:00
Bill RubinBill Rubin (1)
18 Dec 2014 - 12:00
Kevin VaughanKevin Vaughan (1)
18 Dec 2014 - 12:00
Paula WeissPaula Weiss (1)
18 Dec 2014 - 12:00
Steve MayoverSteve Mayover (1)
18 Dec 2014 - 12:00
Paul SagerPaul Sager (1)
18 Dec 2014 - 12:00
Morris KleinMorris Klein (1)
18 Dec 2014 - 12:00
Lynne KotranskiLynne Kotranski (1)
18 Dec 2014 - 12:00
Jeffrey HornsteinJeffrey Hornstein (1)
18 Dec 2014 - 12:00
Thomas GinsbergThomas Ginsberg (1)
18 Dec 2014 - 12:00
Robert KettellRobert Kettell (1)
18 Dec 2014 - 12:00
Richard and Sue SalkowitzRichard and Sue Salkowitz (2)
18 Dec 2014 - 12:00
Mark WhitlockMark Whitlock (1)
18 Dec 2014 - 12:00
Romy VargheseRomy Varghese (1)
18 Dec 2014 - 12:00
Omar WoodardOmar Woodard (1)
18 Dec 2014 - 12:00
William FelkerWilliam Felker (1)
Alan HarveyAlan Harvey (1)
18 Dec 2014 - 12:00
Michael A. CibikMichael A. Cibik (1)
18 Dec 2014 - 12:00
Robert SuttonRobert Sutton (1)
18 Dec 2014 - 12:00
Margaret NewmanMargaret Newman (1)
18 Dec 2014 - 12:00
Pedro RodriguezPedro Rodriguez (1)
Andrea ManninoAndrea Mannino (1)
Edgar RosenthalEdgar Rosenthal (1)
Lynda OrfanelliLynda Orfanelli (1)
18 Dec 2014 - 12:00
Nancy CallanNancy Callan (1)
18 Dec 2014 - 12:00
Thomas KnoxThomas Knox (1)
18 Dec 2014 - 12:00
Pedro A. RamosPedro A. Ramos (1)
18 Dec 2014 - 12:00
Jim HaleyJim Haley (1)
18 Dec 2014 - 12:00
Dan ConnellyDan Connelly (1)
18 Dec 2014 - 12:00
Janet CherryJanet Cherry (1)
18 Dec 2014 - 12:00
Arthur CherryArthur Cherry (1)
18 Dec 2014 - 12:00
 

Powered by iCagenda