News

Hard numbers elusive on cost of state worker pension switch

Written by The Associated Press | Jun 26, 2013 4:36 AM
money budget

(Harrisburg) -- A state commission that keeps tabs on public pensions in Pennsylvania was unable to provide much clarity on the financial implications of switching the two major systems to a new 401(k)-style plan. 

The Public Employee Retirement Commission decided Tuesday to compile often-conflicting analyses by its own actuary and outside actuaries of a pair of House bills that were approved earlier in the day by the State Government Committee.

The commission's director, James McAneny, says the bills surfaced too late to allow a detailed analysis, so commission members opted to share the information they already had.

Governor Corbett's administration projects long-term savings from the switch, but unions say phasing in the new system while closing the current traditional plan could actually increase costs.

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