A contingent of Pennsylvania House Republicans is pushing a Pa pension fix.
The group unveiled a plan, June 4, to address the unfunded liability within the Public School Employees Retirement System and the State Employees Retirement System, reports State Rep. Jim Cox (R-129).
The combined unfunded liability is about $50 billion.
This plan establishes that all new employees who enter the state systems would be enrolled in a combination of 401(k)-type and traditional pension plan. By combining the benefits of both systems, this plan is estimated to save between $11 billion and $15 billion over a 30-year projection period.
Cox emphasized that the proposal plan would be for new employees only and would not change benefits for existing participants or retirees.
At least somebody is trying to do something. What is most terrifying about this no-brainer minimalist proposal is that there is a good chance it won’t get passed.
House GOP Pushes Needed Pa Pension Fix