HARRISBURG, Pa. (AP) — Pennsylvania Gov. Tom Corbett's plan to slash $12 billion from the future pension benefits of current public employees is dead in the Republican-controlled state Senate after a key committee voted unanimously Wednesday to strip it from legislation.
Instead, the Senate Finance Committee, in a 6-5 vote with an all-Republican majority, advanced just one element of Corbett's far-reaching proposals to overhaul the state public pension system. That provision would shift most future state and public school employees into a 401(k)-style retirement plan and eventually whittle down the state's traditional pension benefit plan to a fraction of the more than 800,000 retired and state workers and public school employees currently in them.
"This was the best product that we could get out of Finance Committee," said Senate Finance Committee Chairman Michael Brubaker, R-Lancaster.
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