HARRISBURG, Pa. (AP) — Gov. Tom Corbett laid out a strategy Tuesday for reining in pension costs for Pennsylvania state and school employees that would reduce future benefits for current workers and require new hires to participate in a defined-contribution plan.
In his annual budget speech, the Republican told lawmakers that resolving problems that have saddled the two major pension funds with a combined $41 billion unfunded liability would be "the single most important thing we do for decades to come."
"The entire system of state pensions has become a mountain of debt, and the avalanche could bury our economic growth, swallow up benefits for our elderly, education for our children, and transportation for our economy," Corbett said.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
