The Center Square YT: Allegheny County Faces $1.4B Pension Shortfall, Tax Hikes Loom

Allegheny County, Pennsylvania, is facing a nearly $1.5 billion pension shortfall, leaving the fund only 30-40% funded. Investigations reveal that this crisis was driven by inadequate employer contributions and a failed investment strategy that over-allocated funds into private equity rather than stocks and bonds. Local officials are now considering tax hikes to address the looming insolvency.