The city has investments of cash or cash equivalents, and fiduciary responsibility for pension trust funds for the city’s police, and a second for the City’s regular employees and AFSME employees.
As of the last audit, the two pension funds are funded as follows:
- City Employees Retirement Fund: 99%
- Police Pension Fund: 101%
Pennsylvania statutes provide for investment of Governmental Funds into certain authorized investment types including U.S. Treasury bills, other short-term U.S. and Pennsylvania government obligations, and insured or collateralized time deposits and certificates of deposit. The statutes do not prescribe regulations related to demand deposits; however, they do allow the pooling of Governmental Funds for investment purposes. Fiduciary Fund investments may also be made in corporate stocks and bonds, real estate, and other investments consistent with sound business practices. The deposit and investment policy of the city adheres to state statutes and prudent business practice. The 7-member Police Pension Fund Board oversees fiduciary investments for the police pension fund, and the 11-member Employee Retirement Fund Board oversees fiduciary investments through an appointed trustee.