Revamped Pension System Key To Pa. Gov.’s Fiscal Vision

Law360, Philadelphia (February 5, 2013, 3:56 PM EST) -- Pennsylvania Gov. Tom Corbett on Tuesday unveiled plans to switch new state workers to a defined-benefit pension system and require current workers to pay more, as well as to eliminate a cap on gasoline taxes, to close massive pension and transportation system shortfalls.

If approved by the General Assembly, Corbett’s plans would force public employees hired after the beginning of 2015 to enroll in retirement plans similar to a 401(k) while asking current workers to contribute more to maintain their benefit levels. Meanwhile, the governor proposed...
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