WCHE NEWS - West Chester has the 15th largest unfunded pension liability among Pennsylvania municipalities. According to the Commonwealth’s Auditor General’s report, the borough has a net liability over $12 million. Despite having the money to fully fund its pension liability, officials failed to do so because it was not required. Council previously voted against a quarter percent-earned income tax increase to fund their pension obligation. Instead, Council cited future revenue streams as a better alternative. The Auditor General reported that pension recipients may never realize a full or even partial return on their plans, and that the burden will ultimately fall on taxpayers. Follow @FrankWCHE for all the latest news and information.
Posted on: Tue, 18 Mar 2014 17:07:31 +0000
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