While Mayor Luke Ravenstahl continues to search for tax increases and aid from Harrisburg to place a bandage on the multimillion-dollar city pension fund deficit, he never mentions the remedy for fixing the problem long-term. That is, freezing the pension fund now and placing all new city employees in 401(k)-like defined contribution plans.
Almost no one in the private sector has a traditional defined benefit plan anymore because private employers cannot sustain the cost -- nor can the city. Anything short of a major overhaul will only be short-term.
I can only assume that Mayor Ravenstahl does not pursue true pension reform because he fears upsetting the unions. This young man needs to move into the 21st century when it comes to the city pension problem.