Letters to the Editor | Sept. 15, 2025
Inquirer readers on private equity investments by the city's pension board and possible school closures.

Rise above rhetoric
Like so many others, I am horrified by last week’s assassination of Charlie Kirk. I despise the ideas he spread: his attacks on the rights of women and sexual minorities, and his acceptance — ironically — of gun violence. But bad ideas must be opposed by better ideas, by words, and in the voting booth, not by killing the person spreading them. This awful shooting has left a bereaved family and raised the anger and division that are plaguing our nation.
David Wilkins, Philadelphia
Empty threats
As we watch current world crises, we must ask, “Where is Donald Trump?” Before his disastrous “summit” with Russian President Vladimir Putin in Alaska, Trump promised massive sanctions if Putin didn’t agree to a ceasefire. After failed talks, Trump promised “massive sanctions” in “one, maybe two weeks.” Today, there are not even special tariffs imposed against Russia, allowing even some goods to be imported under most-favored nation policies. Not even Russian incursions into Polish airspace have stirred Trump to action. Meanwhile, Israel is taking full possession of Gaza and establishing new settlements in the West Bank, all after launching bombing raids against Arabs in Syria, Lebanon, Iran, and Qatar.
One can only ask, what agreements were really forged between Putin and Trump in Alaska, and what agreements were forged between Trump and Benjamin Netanyahu in February, when the Israeli prime minister became the first foreign dignitary hosted by Trump 2.0 in the White House? Secrecy or incompetence are the only two possible answers to the questions.
Stephen Phillips, Philadelphia
Military honors?
Vice President JD Vance led a military honor guard escorting Charlie Kirk’s casket. How can you get a military honor guard escort if you never served in the military? This is just another example of this administration disrespecting our military veterans.
Julio Casiano Jr., Philadelphia
Removing the rainbow
On June 12, 2016, a mass shooting at Pulse, a gay nightclub in Orlando, Fla., claimed the lives of 49 people and injured more than 50 others. After this brutal assault on members of the LGBTQ community, a rainbow-colored crosswalk was painted on a roadway near the club to honor the victims of the attack. While president, Joe Biden officially declared the crosswalk part of the national memorial at the site. The Rainbow Crosswalk, as it’s known, has been a symbol of support and solidarity with the LGBTQ community. Last month, Florida officials furtively removed the rainbow colors from the crosswalk.
The state’s decision to paint over the Rainbow Crosswalk comes as the Trump administration doubles down on its campaigns against DEI initiatives and transgender rights.
Removing the rainbow is a brutal and harsh way of showing the LGBTQ community that the administration doesn’t care about our safety — and that it certainly doesn’t have our interests in mind. Repainting the crosswalk wasn’t just mean-spirited; it was disrespectful to the memory of the many victims of the shooting. Now more than ever, we need to stick together, stand strong, and fight back. We need to help make the world a better place for everyone, and honor the legacy of those who have lost their lives simply for being themselves.
Erin Allen, Philadelphia
Prioritize school upkeep
The just-released data on Philadelphia’s school buildings is a sobering reminder of the difficult decisions ahead. However, numbers alone cannot drive the conversation. When schools close, we lose more than classrooms. We lose cultural institutions that have anchored neighborhoods for generations. Once abandoned, these buildings too often fall into disrepair, become blight, and destabilize the communities they once supported.
While the data will likely show that some schools will have to close or be consolidated, others will be ripe for renovation and modernization. Our recent analysis showed that renovation is more cost-effective than new construction. We’re talking millions of dollars in savings, as demonstrated at Frankford High School. Renovation also avoids the waste of demolition and advances the city’s sustainability goals by reducing the carbon footprint of new development. Meanwhile, shuttered schools often make ideal conversions to neighborhood-supporting new uses, as seen at the Bok Building and the old West Philadelphia and Germantown high schools.
We urge the school district to prioritize preservation and rehabilitation, and, where applicable, adaptive reuse for the historic school buildings it decides are no longer needed. Doing so will save money, protect neighborhoods from abandonment, and honor the history and identity of the communities these schools serve.
Paul Steinke, executive director, Preservation Alliance for Greater Philadelphia, paul@preservationalliance.com
Pension plan perspective
In an era where misinformation often overshadows facts, providing accurate information is even more important. As the elected members of the pension board, we wanted to share our perspective on The Inquirer’s recent reporting and describe how we invest prudently and protect the interests of the city’s retirees.
The plan is overseen by a pension board that includes municipal officials, the city controller, and us — members elected by city workers. Every board member bears a fiduciary duty — an enforceable legal obligation — to ensure assets are invested prudently and for the long term. The plan is independently audited every year, and those reports are publicly available on the board’s website.
The plan’s recent performance has bolstered Philadelphia’s fiscal position. Multiple bond rating agencies and the Pennsylvania Intergovernmental Cooperation Authority, or PICA, the state agency with oversight of the city’s budget, cite the plan’s improving condition as reason for optimism regarding the city’s fiscal health. A recent PICA report commended all involved “for the effort and resources that continue to be dedicated to stabilizing the pension fund.”
An important part of our prudent investment approach is private equity. Private equity comprises approximately 8.8% of the portfolio — an allocation placing Philadelphia in the bottom third of large public pension plans. In contrast, 54% of plan assets are invested in low-cost index products or cash. It’s part of a balanced portfolio of investments designed to reduce the risk of losses, while achieving solid returns.
Following pension reforms enacted in 2016, plan assets more than doubled, from $4.3 billion in June 2016 to $9.5 billion in June 2025. During the same period, the fund’s net pension liability decreased by over $2 billion.
The board maintains a cautious and prudent private equity approach, which includes a thorough review by staff and investment consultants, and a public presentation by the manager, which has helped Philadelphia avoid poor performance and distribution issues affecting peers with more aggressive approaches.
The plan has become healthier since the 2016 reforms, increasing the funding percentage by over 20% (compared with a 9-point increase in the average funded status among large pension funds over the same period), to the current 65.4%, the fund’s highest level in two decades.
The city must continue to adhere to the reforms if the plan is to reach 100% funding, which will free up approximately $480 million annually in the city’s budget.
While great strides have been made, there is still work to be done. The city is on track to have nearly half a billion dollars annually available that it would otherwise be obligated to put toward pensions, and nothing should be done to imperil that.
Brian Coughlin, IAFF Local 22, Willie Sierra, Fraternal Order of Police Lodge 5, Paul Reed, District Council 33, Carol Stukes-Baylor, District Council 47, trustees to the Philadelphia Board of Pensions and Retirement
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