Pension Reform Could Save Pennsylvania $11B, Claims Actuary

2014-06-03T18:33:29-07:00June 3rd, 2014|Categories: Pension Reform|Tags: , , , |

Reform of the Pennsylvania public pension system, scrapping its defined benefit (DB) plan and implementing a hybrid set-up, could save the state’s taxpayers over $11 billion over the next 30 years, according to an actuarial report. The proposed reform suggests closing its existing DB plans to new employees and instead enrolling them in a hybrid of both DB and defined contribution (DC) systems. “This hybrid plan proposal does provide for future cost savings as new employees participate under the [...]