Pa. Gov. Pushes Pension Reform As Part Of $29.4B Budget

Law360, Philadelphia (February 4, 2014, 3:49 PM EST) -- While a $29.4 billion state budget unveiled before Pennsylvania lawmakers on Tuesday would allow for a temporary reduction in the amount of money contributed to state pension coffers, Gov. Tom Corbett stressed that reforms were desperately needed to stave off future unfunded liabilities.

The Republican governor's plan would allow the state to temporarily curb its required annual contributions to two pension funds maintained for state and public school employees, but Corbett warned that delaying reform would result in an all-out funding crisis in the years to...
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