January 20, 2015—Today, the Pennsylvania Intergovernmental Cooperation Authority (PICA) released its staff report: Philadelphia’s Pension System: Reducing Risk and Achieving Fiscal Stability. The Authority obtained the services of Boomershine Consulting Group to assist PICA in understanding the funding of the City of Philadelphia pension system and the risks associated with it. Subsequently, PICA staff conducted its own analysis and compared the City pension system with other municipal pension funds. The report credits the City in its efforts on making reforms and improvements to date and recommends further changes in areas of plan design, funding, actuarial assumptions, reporting, and governance. The PICA report is available here.