US. Pennsylvania State employees and teachers may see new retirement plan
The PA Senate passed a pension reform bill that would shrink traditional retirement plans and offer a 401k style option for most future state and school employees.
Now its up to the house to consider plan that’s designed to correct deficits in pension funding.
Future state troopers and corrections officers are exempt. Current lawmakers and public employees can choose to join a new plan. Retirees are unaffected. Governor wolf supports the plan.
Here are more details on the bill from Senator Jake Corman’s office;
Senate Bill 1 is projected to save more than $5 billion and shield taxpayers from $20 billion or more in additional liabilities if state investments fail to meet projections. In addition, the bill creates a new Pension Management and Asset Investment Review Commission to study ways to reduce investment costs with the goal of saving an additional $3 billion.
Full Content: We Are Central PA
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