Former [Pennsylvania] state representative Steve Nickol has urged legislators to keep taxpayers in mind by not embracing proposals that would make the state’s pension problems worse, according to a news release from the Pennsylvania State Education Association.
Nickol, a former member of the Public School Employees’ Retirement System Board of Trustees, testified before the Senate Finance Committee on Wednesday. He formerly served as a state representative in the Hanover area.
Nickol told state senators that proposals to end the defined benefit pension plans of PSERS and the state State Employees’ Retirement System for newly hired employees and enroll them in 401(k)-type plans would actually cost taxpayers $40 billion more over the next 30 years, the news release states.
Actuaries for the two state pension funds and a neutral third-party have stated this would be the result, Nickol testified.
Nickol is the assistant director of retirement programs for PSEA, the news release states.
Source: The York Daily Record