Title
Proposing an amendment to the Philadelphia Home Rule Charter so that there shall be imposed upon the City of Philadelphia's Pension and Retirement Systems financial discipline by amending "Section 3-803" of "ARTICLE III - EXECUTIVE AND ADMINISTRATIVE BRANCH - ORGANIZATION," "CHAPTER 8 - INDEPENDENT BOARDS AND COMMISSIONS," to re-balance the membership of the Board of Pensions and Retirement by adding independent experts; and by adding a new "Section 6-602" to "ARTICLE VI - EXECUTIVE AND ADMINISTRATIVE BRANCH - POWERS AND DUTIES - Director of Finance, Financial Departments, Boards and Commissions, City Treasurer, Procurement Department, and Board of Pensions and Retirement," "CHAPTER 6 - BOARD OF PENSIONS AND RETIREMENT," to require that the City contribution for each of the Pension and Retirement Systems of the City shall be no less than the Annual Required Contribution as defined by the Governmental Accounting Standards Board, limit assumed investment rate of return, and promote transparency by requiring website reporting of Systems performance and other important information; and providing for the submission of the amendment to the electors of Philadelphia.
Body
WHEREAS, The pension and retirement systems of the City are becoming increasingly expensive, crowding out program funding, and are not financially sustainable; and
WHEREAS, Financial discipline is required to address the problems of the pension and retirement systems of the City; and
WHEREAS, Under Section 6 of the First Class City Home Rule Act (53 P.S. ยง13106), an amendment to the Philadelphia Home Rule Charter may be proposed by a resolution of the Council of the City of Philadelphia adopted with the concurrence of two-thirds of its elected members; now, therefore
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA,
That the following amendment to the Philadelphia Home Rule Charter is hereby proposed and shall be submitted to the electors of the City on an election date des...
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