READ AND PASSED

The enacted ordinance revises how certain quasi-public agencies reimburse Philadelphia for employee retirement benefits administered by the City Board of Pensions and Retirement. The agencies generally must pay the actuarially determined normal cost of benefits, while the Philadelphia Housing Development Corporation uses a different required rate; agencies must also cover any unfunded liability tied to their employees if they leave the retirement plan.

Amending the Ordinance of March 1, 1963, entitled "An Ordinance authorizing the Board of Pensions and Retirement to enter into an agreement or agreements to administer employee retirement benefits for the Philadelphia Industrial Development Corporation, Passenger Services Improvement Corporation, Food Distribution Center, and the Philadelphia Parking Authority, under certain terms and conditions," as amended, to provide for revised reimbursement rates, under certain terms and conditions.