Pennsylvania governor signs major pension reform bill

[endicom]

Hot Air
Taylor Millard
June 12, 2017

Pennsylvania is making major changes to its pensions for public employees by offering them a partially privatized plan. Governor Tom Wolf signed the bill into law today, saying it’s going protect the taxpayer in a major way. Via Pensions&Investments:

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This is a Dem governor reversing course to face reality. Let's hope it sets a pattern.

[Restored]

It happened in Virginia long ago. We came up with a hybrid plan, which is popular with people who don't expect to work for the state forever.

[endicom]

It happened in Virginia long ago. We came up with a hybrid plan, which is popular with people who don't expect to work for the state forever.

That brings up a separate point. Defined benefit pension plans become shackles. You may want to leave your job until you see big pension losses if you do, so you stay. And your employer knows this.

Defined contribution pensions plans more allow you to tell your employer to get humped on your way out. The risk of making a career move is just so much less with these plans.

[Frank Cannon]

PA is circling the drain because of pensions. Commie Tommy didn't have a choice in the matter. Something needed to be done or lights out i.e.; Illinois.

[sneakypete]

PA is circling the drain because of pensions. Commie Tommy didn't have a choice in the matter. Something needed to be done or lights out i.e.; Illinois.

@Frank Cannon

 

[endicom]

PA is circling the drain because of pensions. Commie Tommy didn't have a choice in the matter. Something needed to be done or lights out i.e.; Illinois.

This is an immediate problem in at least a handful of states and maybe all states in a few decades.

[sneakypete]

This is an immediate problem in at least a handful of states and maybe all states in a few decades.

@endicom

Sooner or later,the bills will always come due and there will be no money to pay them.

Which will indeed lead to living in interesting times if you live in or near a big city.