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Pension legislation makes the best of a bad situation
contributions. Senate amendments add a requirement that employees share in the risk if the pension fund suffers losses by paying a higher contribution rate. All together, the bill will reduce the employer normal cost of pension benefits for new school employees by an estimated 60 percent. Other approaches were reviewed by the Public Employee Retirement Commission, but the cost savings during the next 30 years under this bill were the greatest.The legislation also addresses the employer pension spike when employer pension contributions are projected to go from $762 million this year to $4.12 billion in 2012. This spike is not the result of normal pension funding or the normal cost of benefits, but primarily results from three factors. The first was investment losses related to two recessions in one decade, and Burberry Valentine Tote
the second was the General Assembly deferral of employer payments during the last 10 years. These two alone account for nearly four fifths of the contribution spike. The third factor contributing to the spike is the cost of retroactive benefit increases granted as part of Act 9 in 2001. The debt created by these factors must now be funded. HB 2497 presents a more affordable payment plan that also protects taxpayers.HB 2497 path to passage was complicated when the Senate amended the bill to create an Independent Fiscal Office. Some are claiming that the bill is now because it contains more than one subject.It would have been preferable if the Senate had not created this uncertainty. But if the issue ends up in court, judges can strike the offending parts of the bill (in this case the provisions related to an Independent Fiscal Office), leaving the main portions (pension reform) in place.Importantly, the legality of the items in the bill is not in question, only the legislative process around the bill itself. I have confidence that most legislators will keep Prada Crossbody Purse these issues in perspective. Killing the bill to eliminate the Fiscal Office might save $2 million in costs connected with it, but that amount can hardly justify delaying or even losing the more than $25 billion in future pension benefit cost savings that are contained in the same bill.Steven R. Nickol retired from the Burberry Clutch Amazon
state House of Representatives in 2008 after serving nine terms representing the 193rd District. He is employed by the Pennsylvania State Education Association.
Pennsylvania General Assembly has an opportunity to enact reforms to the state public employee pension systems.Pennsylvania faces a public pension crisis.As a former Republican state legislator who served on the board of the Public School Employees Retirement System for 18 years, I am encouraged by the bipartisan support for pension reform as contained in House Bill 2497. The bill was overwhelmingly passed by the state House of Representatives in June, and then overwhelmingly by the Senate. This legislation should not be allowed to die without a concurrence vote when the House is expected to return to session today.HB 2497 is landmark legislation. For new school employees, state employees and legislators, the bill rolls back the pension benefit increases granted in 2001. Moreover, it raises the retirement age, reduces the maximum pension benefit and eliminates the option to withdraw employee Burberry Bags Replica
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