Jun. 08, 2017
HARRISBURG – Rep. Judy Ward (R-Blair) today joined her
colleagues on both sides of the aisle in voting to approve legislation
to reform that state’s two public pension systems.
“Pension costs for the state and school districts have grown to
unmanageable proportions,” said Ward. “This legislation would stop the
bleeding while still keeping our commitments to current workers and
retirees. This legislation is a first step at resolving the pension
issue. It is expected to save the state in excess of $5 billion over the
long term, which is a savings of which we can be proud.”
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.
“Additional good news is that this bill has bipartisan support and the
governor is expected to sign the measure in the coming days,” said Ward.
“This is truly a joint effort that will make significant strides in
addressing a pressing financial crisis facing the state.”
For more information, go to
http://www.pahousegop.com/pensionreform.aspx.
Representative Judy Ward
80th Legislative District
Pennsylvania House of Representatives
Media Contact: Tricia Lehman
tlehman@pahousegop.com
RepJudyWard.com /
Facebook.com/RepJudyWard