The largest municipal bond issue in the history of Pennsylvania has helped the Philadelphia Municipal Employees Retirement System sharply reduce its unfunded liability.
Proceeds from the $1.25 billion pension obligation bond issue raised the Philadelphia pension fund's assets to $4.3 billion and reduced its unfunded liability to $1.45 billion.
The bond issue came to market earlier this month and was very well received, according to Ben Hayllar, director of finance for the Philadelphia City Council.
