Wednesday, Republican legislative leaders offered Gov. Tom Wolf and Democratic legislative leaders their desired education funding level in exchange for a revised defined contribution pension reform plan.
If the offer is accepted by Gov. Wolf and Democrats, it would mark the largest step forward in Pennsylvania’s now seven week-long budget stalemate.
According to top Republican leaders from the Senate and the House who spoke following Wednesday’s negotiating session, Republicans would find a way to fund an additional $300 million in education funding above the $100 million in new investment in the budget passed on June 30 if the governor would agree to a pension reform bill that looks largely like the defined contribution plan in Senate Bill 1, but with some modifications.
Senate Majority Leader Jake Corman (R-Centre) laid out some of the more major modifications to the pension reform plan, including a 16 percent employer contribution, removing legal issues brought up by Gov. Wolf in his veto message, as well as including a one percent employer contribution to the cash balance side of the plan.