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Corbett Calls for PA Pension Overhaul



Governor Tom Corbett says overhauling Pennsylvania's pension systems for state workers and school employees is the single most important thing lawmakers can do.
 
In Tuesday's budget address, the Republican said the pension debt is like an avalanche that threatens to stop economic growth and take funding from schools and senior citizens.
 
Corbett wants a new mandatory defined-contribution plan for all new hires.
 
 
Budget Secretary Charles Zogby says the changes will save $175-million in the fiscal year that starts July 1st. Public employee unions say reducing benefits for current employees is unconstitutional and have vowed to sue.

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Topics : Business_FinanceLaborSocial Issues
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Locations : Pennsylvania
People : Charles ZogbyTom Corbett
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