HARRISBURG, Pa. (AP) — A key Republican lawmaker proposed borrowing $9 billion Monday as part of a new approach to rein in the soaring costs of pensions for nearly 380,000 Pennsylvania teachers and state employees.
Rep. Glen Grell also advocates creating a cash balance retirement plan for newly hired employees that would guarantee an annual return of at least 4 percent. And he would offer financial incentives to current employees who agree to certain pension adjustments.
Grell, chairman of the House GOP majority task force on pensions, acknowledged that neither Republican Gov. Tom Corbett nor House leaders have embraced his proposals and said the legislation has yet to be introduced.
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