Fixing pensions: varied opinions with common threads

Fixing pensions: varied opinions with common threads

A House hearing Tuesday brought together experts from academia, actuarial firms, public sector employee unions, and pension management firms to discuss what needs to be done to fix the Commonwealth’s looming—if not present—pension problem.

While all the different testifiers brought their unique perspectives to the issue—especially as to whether a change in pension benefit plan design is needed—one common thread was found among all who spoke on the issue: the Commonwealth’s unfunded pension liability will not disappear without more money being thrown at the problem.

“A plan design change is not enough to deal with the unfunded liability,” said House State Government Committee Chairman Daryl Metcalfe (R-Butler), whose committee convened Tuesday’s hearing.

“We have to bite the bullet and deal with the current underfunding. There’s no easy answer,” he told The PLS Reporter

Tuesday, March 24, 2015/Author: Jason Gottesman
Categories: News and Views
VIDEO: Kampf discusses another way to help fund Pennsylvania's pension systems

VIDEO: Kampf discusses another way to help fund Pennsylvania's pension systems

Following today's House State Government Committee public hearing on pension reform, Rep. Warren Kampf (R-Chester) discussed another way to help the unfunded pension liability in the state. 

Tuesday, March 24, 2015/Author: Alanna Koll
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VIDEO: "It's going to be Groundhog's Day in Pennsylvania," says pension expert

VIDEO: "It's going to be Groundhog's Day in Pennsylvania," says pension expert

During a House State Government Committee public hearing on pension reform, Josh McGee, Senior Fellow of The Manhattan Institute gave two solutions to solving Pennsylvania's looming pension problem. 

Tuesday, March 24, 2015/Author: Alanna Koll
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And the nominees are... Department of Agriculture Sec. Redding

And the nominees are... Department of Agriculture Sec. Redding

Meet Acting Secretary of the Pennsylvania Department of Agriculture Russell Redding. Find out more about his professional background and what new initiatives he hopes to create in his new position. 

Monday, March 23, 2015/Author: Alanna Koll
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What’s to be done about municipal pension reform?

What’s to be done about municipal pension reform?

While many of the state’s top policymakers are focusing on reforming state and public school pension issues, others are sounding the alarm on another potential pension crisis: the one affecting Pennsylvania’s municipalities.

Back in January, Auditor General Eugene DePasquale held a press conference noting 562 of Pennsylvania’s municipalities have underfunded their pension plans to the extent that they are now in distressed status.

Monday, DePasquale was again bringing attention to the issue, holding a news conference with York Mayor Kim Bracey following the audit of that city’s pension system.

The audit revealed the city is $10 million behind in its pension obligation payments.

Monday, March 23, 2015/Author: Jason Gottesman
Categories: News and Views
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