6/6/17
by News Department on 06/06/17PA's Pensions...
Pennsylvania's state Senate is unveiling legislation to overhaul retirement benefits for future state government and public school employees in hopes of getting it to Gov. Tom Wolf's desk this week.
Pennsylvania's two big pension systems face a roughly $60 billion projected debt. Senate Republicans have tried unsuccessfully for four years to end or reduce the traditional pension benefit for future state and school employees in favor of a 401(k)-style benefit.
This bill would create a hybrid plan, and make the second pension overhaul in eight years.
Actuaries say it wouldn't reduce near-term pension obligations for the state and school districts.
Future state troopers and corrections officers are exempt, as are current lawmakers and public employees.
