ADVERTISEMENT

PA Lawmaker Offers New Approach to Pension Reform



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.


Filed Under :  
Topics : Business_FinanceLaborPoliticsSocial Issues
Social :
Locations : Pennsylvania
People : Glen GrellTom Corbett
A   A   A
 
The 11th Hour - Guests & Topics - August 4th-8th 2014
Monday August 4th Master Gardener Tom Ford 472-7986 - tgf2@psu.edu Penn State Cooperative Extension/Blair County Facebook Tuesday August 5th David Ickes Wednesday August 6th Barry Ickes Thursday August 7th Adam Conrad - Real...
Read More
Dial N Deal - August 1st 2014
Marlboro Sherpa Jacket 2003 premium, tan/khaki, courdory, never worn, Large, Sherpa collar, mint condition with tags - $25 JF, Altoona 943-9015 3 1/2 HP Motor with horizontal shaft, on wheels - $40 RV How-To Books four, various info in each -...
Read More
The 11th Hour - Guests & Topics - July 28th - August 1st 2014
Monday July 28th Tuesday July 29th David Ickes Wednesday July 30th including The 30th Annual Blair County National Night Out Tuesday August 5th The Antique Depot, Duncansville Thursday July 31st Adam Conrad - Real...
Read More