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New report warns of looming Pennsylvania pension shortfall

A report issued Monday by Pennsylvania Gov. Tom Corbett's administration warned of higher taxes, program cuts, lower business growth and steeper borrowing costs because of the state's financial obligations toward the two large public-sector pension plans.

By Mark Scolforo | Updated on November 26, 2012

HARRISBURG, Pa. (AP) — A report issued Monday by Pennsylvania Gov. Tom Corbett’s administration warned of higher taxes, program cuts, lower business growth and steeper borrowing costs because of the state’s financial obligations toward the two large public-sector pension plans.

The budget office report said the State Employees’ Retirement System and the Public School Employees’ Retirement System together have an unfunded liability of $41 billion.

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