State House Approves Bill to Rescue Pension System

[blue neen]

"HARRISBURG -- The state House of Representatives took a step Monday to defuse Pennsylvania's pension bomb.

The House approved a bill aimed at addressing the skyrocketing retirement costs of state and public school employees, including legislators and teachers.

The so-called pension-reform bill would spread payments into the two pension systems over additional years, boost the retirement age for future employees and give them the option of either contributing more to the plan or having their benefits trimmed.

Gov. Ed Rendell, who has said he would sign the measure, estimated the bill would save the state $16 billion in pension payments over the next 25 years."


Read more: http://www.post-gazette.com/pg/10320/1103678-454.stm#ixzz15Rv3FsUc

[old mark]

1. I guess it depends where in the state system you worked...most PA retirees

I know don't have "overly generous" pensions...We are all glad that we are in the same system as the State Legislators, however - our pensions are less liable to be privatized or cut across the board since they are subject to the same regulations as the "real" workers.

And they actually passed this without months of political nonsense!


mark

[JPZenger]

2. Almost didn't get passed

This bill almost didn't get passed because some Democratic leaders (probably Dwight Evans) almost prevented the House from going into its scheduled session. Evans was then quickly punished by the rank and file by being removed as top Dem on the appropriations committee.