Pittsburgh's employee pension funds last year hit their highest mark in at least a decade thanks to a continuing uptick in financial markets, the Comprehensive Municipal Trust Fund board reported Wednesday.

The city's invested portfolio for police officers, firefighters and municipal workers earned 14.8 percent during the 12 months ending in December, according to the board's executive director, Margaret Lanier, who also serves as Pittsburgh's finance director.

“We did really good last year,” Lanier said.

Returns from market investments had been flat over the past two years.

Lanier said the funds totaled $750.2 million, pushing the total funding level to 62.2 percent. That includes an estimated $300 million valuation of future parking tax revenue pledged over 30 years to the pension funds, and $449 million, the total value of the invested portfolio.

Pittsburgh Controller Michael Lamb, a board member, said it's the highest level of pension funding in at least 10 years.

Pittsburgh in 2010 narrowly avoided a state takeover of pension funds by dedicating parking taxes to put the funds above a state-mandated threshold of 50 percent of what was then $1 billion in obligations. The city now owes current and future retirees about $1.2 billion.

“That's the highest I ever remember it being in any quarter since I've been here at (62.2 percent),” Lamb said. “That $449 million in the invested portfolio is also higher than we've ever had. That's a big number for us.”

He noted that Pittsburgh is contributing enough to cover pension payouts of about $95 million each year, which means it doesn't have to dip into the portfolio to pay costs.

“Even if that investment grows by 5 percent a year, in 10 years you're going to have a significantly stronger position,” he said.

Bob Bauder is a Tribune-Review staff writer. Reach him at 412-765-2312, bbauder@tribweb.com or via Twitter @bobbauder.

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