Pa. Senate Poised To Vote On Pension Overhaul

Pa. Senate Poised To Vote On Pension Overhaul


CASINGS IN A BILL TO OVERHAUL PENSIONS FOR FUTURE PUBLIC SCHOOL AND STATE GOVERNMENT EMPLOYEES APPEARS TO BE ON THE FAST TRACK. IT PASSED THE FIRST COMMITTEE VOTE LAST NIGHT JUST HOURS AFTER THE LEGISLATION BECAME PUBLIC AND A FULL SENATE VOTE IS EXPECTED TODAY. AMY WADAS IS HERE WITH MORE. Reporter: THIS BILL PROPOSES THREE DIFFERENT PENSION PLANS FOR FUTURE STATE WORKERS AND PUBLIC SCHOOL EMPLOYEES STARTING N 2019. LAST NIGHT, GOVERNOR WOLF’S SAID THAT HE SPORTS THE BILL’S GOALS OF CONTINUING TO PAY DOWN THE PENSION DEBT ON THE CURRENT SCHEDULE AND REDUCE PENSION FUND INVESTMENT FEES AND SHIFT INVESTMENT RISK AWAY FROM TAXPAYERS. AND IT WILL SHRINK THE BENEFIT FOR FUTURE HIRES AND 401(K) BENEFIT. TAKING THE RISK OFF THE TABLE WITH THIS PIECE OF LEGISLATION SO THAT FUTURE BUDGETS WILL BE OVERCOME BY THE PENSION COSTS. Reporter: FINANCIAL ANALYSTS SAID THAT THE BILL WILL NOT REDUCE NEAR TERM PENSION OBLIGATIONS FOR STATE AND SCHOOL DISTRICTS AND LONG-TERM SAVINGS ARE MINIMAL. FUTURE STATE TROOPERS AND CORRECTIONS OFFICERS ARE EXEMPT AND CURRENTLY LAWMAKERS AND PUBLIC EMPLOYEES CAN CHOOSE TO

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