News

Wolf floats offer that claims $17B in pension debt reduction

Written by The Associated Press | Aug 14, 2015 4:11 PM
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Photo by AP Photo/Matt Rourke

(Harrisburg) -- Governor Tom Wolf is pushing a set of changes to Pennsylvania's large public-sector pension plans that he says would reduce the state's pension debt by more than $17 billion in the coming decades.

Wolf provided legislative leaders this week with a written document, obtained by The Associated Press, as they work to resolve the state budget stalemate.

The document is titled "Revised Pension Plan" and incorporates some elements of a Republican-backed pension bill that he vetoed along with the state budget last month.

The Wolf plan would restrict salary spiking that helps teachers and state workers boost their pensions and would expand investment risk sharing to cover existing employees.

The governor says he's willing to consider limiting how much of an employee's salary would count toward a traditional pension.

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