Watered-Down Pension Reform Bill Advances In Pa.

Law360, Philadelphia (June 19, 2013, 5:09 PM EDT) -- The Pennsylvania Senate Finance Committee on Wednesday advanced pension-reform legislation that creates defined contribution plans for new state employees but backs away from earlier efforts to change the future benefits of existing employees.

Senate Bill 922 will create a 401(a) plan for new hires of the Public School Employees' Retirement System and the State Employees' Retirement System starting in 2015, and will make participation mandatory for current legislators, the governor, the attorney general, the auditor general and treasurer upon re-election and the judiciary upon retention....
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