Wolf vetoes GOP's pension bill; Republicans 'dismayed'

Written by The Associated Press | Jul 9, 2015 11:16 AM

Photo by AP Photo/Chris Knight

(Harrisburg) -- Governor Tom Wolf is vetoing a Republican bill to overhaul Pennsylvania's two major public pension systems, saying it doesn't provide immediate cost savings and doesn't produce enough long-term savings for taxpayers.

Wolf's veto had been expected after the Legislature's Republican majority passed the bill without input from Wolf or Democratic lawmakers.

Republican legislative leaders say they're dismayed by Wolf's veto of their bill to end the current traditional pension benefit in favor of a 401(k)-style system for future state government and school employees.

The ranking six Republicans in the Senate and House say their plans would be better than the $3 billion in borrowing that Wolf is proposing. They say it would only sustain an outdated pension system that is out of step with what average Pennsylvanians receive.

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