It’s taken two decades for Allegheny County’s pension fund to end up $1.4 billion short of what it will need to pay out all of the benefits it owes. An Armstrong County Judge says state and local officials should have at least one more year to decide what to do about it.
“It will likely be necessary for the [state legislature] and the governor to intervene and give the county additional mechanisms to fund its employees’ retirements,” Common Pleas Court Senior Judge Kenneth Valasek observed at the end of a 15-page ruling Thursday.
Accordingly, he shelved further action on the matter “for a period of 12 months, which should be sufficient time for a financial resolution of the retirement fund crisis.”…