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Pa. senators eye 401K-style public pension plan



Published: Wed, June 19, 2013 @ 12:15 p.m.

Pa. senators eye 401K-style public pension plan

HARRISBURG, Pa. (AP) — Gov. Tom Corbett’s plan to slash $12 billion from the future pension benefits of current public employees appears dead in the Republican-controlled state Senate.

The Senate Finance Committee voted unanimously today to strip Corbett’s proposals from pension legislation, except for provisions that would shift most future state and public school employees into a 401K-style retirement plan.

It would maintain the traditional pension plan for state police and prison guards. The bill would switch current lawmakers, judges and executive branch officials if they’re re-elected.

The bill passed narrowly, 6-5, and its future is uncertain.

Republican supporters say such a change will bring more certainly to the state’s future costs. Democrats opposed it and cited calculations by consultants to the state’s two major retirement systems that it’ll cost $42.4 billion.


Comments

1oldstown(198 comments)posted 1 year, 3 months ago

Government needs to get out of the retirement business. Want a cushy retirement? Save your own money or GET A REAL JOB.

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2DwightK(1256 comments)posted 1 year, 3 months ago

See, 401k's aren't really a good mechanism for retirement. If your employer contributes little or nothing, you'll suffer from poor growth and you may not have what you need to retire.

I don't see the point of compounding the problem of too many people having too little in retirement by putting more people into a failing system.

The argument that government employees have a better retirement than you so they should be in the same situation is ridiculous. No one wins a race to the bottom. You should be upset that you have such a terrible plan and work to make it better.

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