Just 18 lawmakers in the state have opted for the 401(k)-style plan they mandated for everyone else, with the other 198—43 of whom are freshmen legislators who signed up for pension benefits—clinging to the old-style pension. (Photo: Shutterstock)
It may be sauce for the goose, but Pennsylvania lawmakers obviously don't think it's sauce for the gander as well.
After succeeding in pushing a transformation for state government and school employees' pension plans into more 401(k)-style plans in 2017, the state's lawmakers also included a provision that gave them “until the end of March of this year to decide whether to switch from the traditional guaranteed pension plan into one of the new plan options.”
So says a report from PennLive that points out that just 18 lawmakers in the state have opted for the 401(k)-style plan they mandated for everyone else, with the other 198—43 of whom are freshmen legislators who signed up for pension benefits—clinging to the old-style pension.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
