P.M. BRIEFING : Judge OKs Philly Pension Loan
PHILADELPHIA — A judge has cleared the way for the city to borrow $37.5 million from its employees’ pension fund, but the attorney for two unions said he would appeal.
Common Pleas Judge Nicholas M. D’Alessandro on Wednesday night denied a request by the city police and fire unions for a preliminary injunction to block the loan.
“If the city were to become insolvent and-or unable to contribute to the pension fund, the fund would become depleted and all retirees and prospective retirees would eventually lose their pensions,” D’Alessandro said after two days of testimony from financial and legal experts.
The ruling means the Board of Pensions and Retirement could approve final documents tonight and the deal could be closed Friday.
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