Wolf provided legislative leaders this week with details in a written document, obtained Friday by The Associated Press, as they work to resolve the state's budget stalemate, now in its second month. The Republican plan Wolf vetoed on July 9 would have ended the traditional pension benefit for most future public school and state government employees by directing them into 401(k)-style retirement plans. The Democratic governor's revised plan would restrict salary spiking that helps teachers and state workers boost their pensions and would expand investment risk sharing, which under a 2010 law pertains to new hires. "[...] any new pension benefit plan must provide a fair and reasonable retirement benefit for future employees, and avoid incurring transition costs that would add to our unfunded liability," the document said. The spokeswoman, Jennifer Kocher, said Senate Republicans question whether a 401(k)-style plan that captures a portion of salary from about 5 percent pension system members was enough of a change to make benefits affordable.
Wolf Floats Plan That Claims $17b In Pension Debt Reduction
By MARK SCOLFORO and MARC LEVY, Associated Press, San Antonio Express-News: World
Fri, 08/14/2015 - 4:02pm
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