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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