Sonney Supports Pension Reform Bill Expected to be Signed by Governor
HARRISBURG – The Pennsylvania House of Representatives today sent to the governor’s desk a bill aimed at stemming the growth of debt amassed by the state’s two public pension systems, said Rep. Curt Sonney (R-Erie), a supporter of the bill.
“The state’s pension debt has now exceeded $62 billion,” said Sonney. “We need to take action to stop the growth of debt while still keeping the commitments made to current state workers and public school system employees. This legislation does just that, while also offering future employees competitive pension plan options on par with what they would find in the private sector.”
Senate Bill 1 would create three new public pension plans from which state employees and teachers hired in 2019 or later could choose. Each would offer a defined contribution component, similar to a 401(k) commonly offered to workers in the private sector. The plans would provide future employees with retirement security and portability while also protecting taxpayers.
Current employees would have the opportunity to opt in to a new plan or continue in their current plan, and retirees would not see any changes to their plans.
“This plan is the first step in implementing meaningful pension reform,” said Sonney. “Stopping the bleeding from within the current system will help reduce annual taxpayer contributions over time. And that’s a win for every resident.”
The governor is expected to sign Senate Bill 1 in the coming days. For more information, go to
http://www.pahousegop.com/pensionreform.aspx.
Representative Curt Sonney
4th District
Pennsylvania House of Representatives
Media Contact: Tricia Lehman
tlehman@pahousegop.com
RepSonney.com