Pa. Lawmakers Introduce Sweeping Pension Reform Plan

Law360, Philadelphia (May 7, 2013, 4:33 PM EDT) -- Flanked by members of the state Senate and House of Representatives, Pennsylvania Gov. Tom Corbett unveiled legislation Tuesday aimed at lowering the state’s unfunded pension liability by introducing new 401(k)-style defined contribution retirement plans for public employees.

Corbett, who tagged pension reform as a key priority in his annual budget address in February, is seeing his proposals for new employee contribution systems and redefined benefit calculations advanced in legislation sponsored by Sen. Mike Brubaker, R-Lancaster, and Rep. Chris Ross, R-Chester.

“I commend Sen. Brubaker and Rep....
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