HARRISBURG, Pa. (AP) — A key Republican lawmaker proposed borrowing $9 billion Monday as part of a new approach to rein in the soaring costs of pensions for nearly 380,000 Pennsylvania teachers and state employees.
Rep. Glen Grell also advocates creating a cash balance retirement plan for newly hired employees that would guarantee an annual return of at least 4 percent. And he would offer financial incentives to current employees who agree to certain pension adjustments.
Grell, chairman of the House GOP majority task force on pensions, acknowledged that neither Republican Gov. Tom Corbett nor House leaders have embraced his proposals and said the legislation has yet to be introduced.
"There's much work remaining to be done on this issue," he said, standing alone on a stage, sandwiched between charts and graphs.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
