Pa. Lawmakers Eye State's $40B Pension Liability

Law360, Philadelphia (August 14, 2012, 4:53 PM EDT) -- A joint session of the Pennsylvania House State Government Committee and the House Finance Committee wrestled with the challenge of resolving the state’s $40 billion public pension liability Tuesday, focusing on a proposed shift from defined benefit retirement plans to defined contribution plans.

The discussion in the two-hour hearing largely concentrated on two proposals sponsored by Rep. Warren Kampf, R-Chester, that aim to stop the growth of underfunded liabilities by shifting new state employees and public school teachers to 401(k)-style plans requiring mandatory contributions from both...
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