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Pennsylvania senators eye 401(k)-style public pension

The plan is the only part to advance from Gov. Corbett's proposal to cut $12B from future pension benefits.

By Marc Levy | Updated on June 19, 2013
Pennsylvania Gov. Tom Corbett (AP Photo/Matt Rourke)

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.

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