HARRISBURG, Pa. (AP) — A state commission that keeps tabs on public pensions in Pennsylvania was unable to provide much clarity on the financial implications of switching the two major systems to a new 401(k)-style plan.
The Public Employee Retirement Commission decided Tuesday to compile often-conflicting analyses by its own actuary and outside actuaries of a pair of House bills that were approved earlier in the day by the State Government Committee.
The commission’s director, James McAneny, says the bills surfaced too late to allow a detailed analysis, so commission members opted to share the information they already had.
Republican Gov. Tom Corbett’s administration projects long-term savings from the switch, but unions say phasing in the new system while closing the current traditional plan could actually increase costs.