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It was seven years ago this month that pension reforms for the Allegheny County Retirement System took effect. But it is not out of the woods yet and additional steps would be prudent, concludes a new analysis by the Allegheny Institute for Public Policy.
There has been no talk of a state pension takeover or leasing assets to shore up the system, as was the case with Pittsburgh and its pensions more than a decade ago.
“But much like Pittsburgh, as well as the state-level and municipal pension plans, the county certainly has to be aware of what effects the coronavirus and its impact on economic activity and, in turn, county finances could have on the retirement system,” says Eric Montarti, research director at the Pittsburgh think tank.