Members of the House State Government and House Finance committees held a public hearing in Harrisburg last week on several pieces of legislation to address Pennsylvania’s public pension funding crisis, says State Rep. Jim Cox (R-129)
Many of the proposals seek to phase in a defined contribution plan, rather than a defined benefit plan, for public employees, public school employees and state legislators.
At the end of the last fiscal year, Pennsylvania’s pension funds for state employees and for school employees were underfunded by more than $30 billion.