What we do
The Sinking Fund Commission administers the Philadelphia Gas Works (PGW) Pension Plan. The plan provides pension benefits for eligible employees of PGW and other eligible class employees of Philadelphia Facilities Management Corporation and Philadelphia Gas Commission. It is a single-employer defined benefit Public Employee Retirement System (PERS).
A sinking fund contains money set aside or saved to pay off a debt or bond. The purpose of the Sinking Fund is to help meet pension liabilities for the employees of Philadelphia Gas Works, which pays benefits from a combination of draws from the fund and current gas revenues.
- Acts in a fiduciary matter with regards to the assets of the PGW Pension Plan.
- Was established by the City Charter (Section 3-100).
- Consists of the director of finance, the City controller, and an experienced banker or investment banker appointed by the mayor.
Applicants to Sinking Fund Commission contract opportunities should familiarize themselves with Philadelphia Code Chapter 17-1400 and Chapter 7-A of Pennsylvania Act 44 of 2009, also referred to as House Bill (HB) 1828.
Actuarial valuation, audit, investment performance, and engagement reports for the PGW Pension Plan.