-Allows a first class city (Philadelphia) to defer up to $155 million in pension payments for the plan year ending June 30, 2010 and up to $80 million for the plan year ending June 30, 2011, specifies that amounts deferred under this provision shall bear interest at a rate of 8.25 percent, and requires the balance of all amounts deferred plus interest to be repaid by June 30, 2014 (Sec. 18).
-Requires a municipality that is determined to be in Level 3 ('severe') distress to transfer all existing benefit plans and assets maintained by the municipality to the Pennsylvania Municipal Retirement System for administration under the Municipal Pension Recovery Program (Sec. 15.1).
-Specifies that Level 3 distress occurs when the ratio of the actuarial value of assets to the actuarial accrued liability, expressed as a percentage known as the funding ratio, is less than 50 percent, and unfunded actuarial accrued liability is no less than $50,000 (Sec. 7).
-Allows a first class city (Philadelphia) to impose an additional tax on the sales or use of personal property or services, with the exception of hotel room occupancy, at a rate of 1 percent until July 1, 2014 (Sec. 18).
-Allows a second class city (Pittsburgh) to impose a parking tax at a rate of up to 37.5 percent of the cost of each parking transaction, and allows the city to charge the tax at a total rate of up to 40 percent on each parking transaction if the Department of Community and Economic Development determines that the city has leased or sold all of its parking authority facilities and that the net proceeds have been credited to the municipality's account in the Pennsylvania Municipal Retirement System (Sec. 15.1)