PA Senate Democrats say surplus should stay in pensions

Written by The Associated Press | Apr 15, 2013 11:58 AM
Thumbnail image for pa-capitol.jpg

(Harrisburg) -- Leaders of the Democratic minority in the state Senate say a potential $140 million surplus in school-pension reimbursements should be plowed back into the commonwealth's pension system.

Democratic Leader Jay Costa says any surplus should be used over two years to help cover the fast-growing state share of the two major public-pension funds.

The school-employee pension fund reports a $69 million surplus in the fiscal year that ended in June as a result of shrinking school-district payrolls. Officials say the trend appears to be continuing this year.

Costa opposes Republican Governor Corbett's plan to temporarily reduce the state's pension fund contribution to save $175 million next year to help balance the state budget. He says Corbett should think about postponing business tax breaks instead.

Published in News

Tagged under , , , , , , , , ,

back to top

Give Now

Estate Planning

Support for WITF is provided by:

Become a WITF sponsor today »

Smart Talk

National Edward R. Murrow Awards

DuPont Columbia Awards

Support Local Journalism

Latest News from NPR

Support for WITF is provided by:

Become a WITF sponsor today »