HARRISBURG, Pa. (AP) – Pennsylvania’s state Senate is unveiling legislation to overhaul retirement benefits for future state government and public school employees in hopes of getting it to Gov. Tom Wolf’s desk this week.
A first committee vote scheduled for Sunday night comes hours after the legislation became public.
Pennsylvania’s two big pension systems face a roughly $60 billion projected debt. Senate Republicans have tried unsuccessfully for four years to end or reduce the traditional pension benefit for future state and school employees in favor of a 401(k)-style benefit. This bill would create a hybrid plan, and make the second pension overhaul in eight years.
Actuaries say it wouldn’t reduce near-term pension obligations for the state and school districts. Future state troopers and corrections officers are exempt, as are current lawmakers and public employees.
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