Public pensions

Philadelphia has spent the last decade building up its reserves and pension funds. A state oversight board says it can keep doing so for another five years.

Market observers question the strength of pension funds, following positive performance reports.

The city's issuer rating was raised a notch to Aaa and ratings for other debt, including for its water and wastewater utility system, were also upgraded.

The city council in August will consider placing $500 million of pension obligation bonds on the Nov. 3 ballot for its police and fire retirement system.

Illinois Gov. JB Pritzker proposed changes to address his state's underfunded pensions in his budget proposal. Two made it through the legislature.

The rating agency gave the city a negative outlook in November 2024, following voter approval of a ballot measure requiring more public safety funding.

The Kentucky State Property and Building Commission will be the issuer for the $885.5 million of bonds.

S&P Global Ratings cited the state's structurally balanced budgets and progress on improving the finances of its pension system.

The GASB is looking for comments on its upcoming technical agenda while rolling out a series of videos aimed at helping stakeholders understand government financial reports.

Illinois Gov. JB Pritzker resurrected a 2024 pension proposal that would increase the state's funding goal to 100% by 2048.

The governor, in the final year of his term, asked lawmakers to approve reforms that would fix the Virgin Islands Water and Power Authority's balance sheet.

After Mayor Brandon Johnson split the city's $260 million advance pension payment, more than 30 aldermen introduced a resolution calling for a special hearing.

Public pensions have notched some improvements as the uncertainty surrounding state budgets and the effects of tariffs raise concerns.

A California Supreme Court ruling could eliminate the need for validation lawsuits before issuing pension obligation bonds, the winning attorneys say.

Dallas and police and fire pension officials approved a funding agreement that ends litigation filed by the retirement system last year.

Connecticut transferred about $1.5 billion in excess budget reserves to its state employees' and teachers' pensions, said State Treasurer Erick Russell.

"Illinois is just pure mismanagement," Ryan Frost, managing director of the Reason Foundation's Pension Integrity Project, said.

Brandon Johnson released his $16.6 billion 2026 budget last week. The budget calls for new revenue sources, but avoids property tax hikes.

State and local pension funds are "surviving but not thriving," said Equable in its State of Pensions 2025 report.

The state's government now expects general fund revenues to decline 2.3% in the current fiscal year from the previous fiscal year.