A key Republican lawmaker has proposed borrowing $9-billion as part of a new approach to rein in the soaring costs of pensions for nearly 380,000 Pennsylvania teachers and state employees.
Representative Glen Grell is also advocating the creation of 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 Monday that neither Republican Governor Tom Corbett nor House leaders have embraced his proposals and said the legislation has yet to be introduced.
Corbett made pension reform a top legislative priority this year, calling for decisive action to shrink a $41-billion unfunded liability between the state's two major public pension funds. Grell said the revenue and savings produced by his plan would offset most of the unfunded liability over 30 years.
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Nintendo Wii U
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Wednesday March 5th
Central Blair Recreation and Park Commission
Fundraising Talent Bank
Deadline for applications March 10th
Alto Model Train Museum Association Scalefest
Sunday March 9th 9am to 2pm
Monday February 24th
James B. Huntington, PH.D
Choosing a Lasting Career
The Job-by-Job Outlook for Work's New Age
Work's New Age Blog
Tuesday February 25th
The Blair County Home Show
Feb 28th - March 2nd - Jaffa...