Pa. Senate Passes Public Employee Pension Reform Bill
By Tony Romeo
PHILADELPHIA (CBS) - The state Senate has sent the House a fast-tracked bill to overhaul the pension system for school and state employees in Pennsylvania.
The pension reform bill would switch future school and state employees to a 401k-type plan. Current employees would have to choose between increasing contributions or lower future benefits. Current retirees would not be affected.
Republican Jake Corman, the Senate majority leader, says costs of the current system are exploding:
"This fund is in crisis. This fund needs action by the General Assembly to stabilize it."
Governor Wolf said Wednesday he doesn't like what he's seen so far:
"I have my own plan. I support my plan. I have not seen what they have come up with. The little I have seen… it doesn't seem that it meets my standards of fairness to employees."
Senate Democrats, meanwhile, complained that the pension reform plan is unconstitutional and is being rammed through by the GOP.
