(Harrisburg) -- Without enough support for wider-ranging cutbacks in public employee pension benefit, state senators are advancing a bill that would shift elected state lawmakers, judges and executive branch officials into a 401(k)-style system.
The Senate Appropriations Committee approved the bill unanimously Sunday night. However, a spokesman for House Republican leaders was noncommittal over whether they will support it.
Under the bill, the lawmakers, judges and five executive branch officials would shift out of the state's traditional defined benefit program and into the new retirement program upon re-election.
The state would contribute four percent of salary to it, while participants would contribute 6.25 percent.
It is projected to save taxpayers $690 million over 38 years.
The five executive branch officials are the governor, lieutenant governor, attorney general, treasurer and auditor general.
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