Comments on: CORRECTED: Corbett’s budget foreshadows surge in PA pension costs

By: Week in Review: PA tax talks kick off budget process « Watchdog News

Week in Review: PA tax talks kick off budget process « Watchdog News — Mon, 07 May 2012 13:26:15 +0000

[...] This year, pensions are consuming $1.1 billion of the state’s $27 billion budget. That figure will increase to $1.6 billion next year and more than $4 billion by 2016, according to estimates from the pension systems and the governor’s budget office. [...]

By: Week in Review: PA tax talks kick off budget process | Statehousenewsonline.com

Fri, 04 May 2012 20:37:14 +0000

[...] budget. That figure will increase to $1.6 billion next year and more than $4 billion by 2016, according to estimates from the pension systems and the governor’s budget office. “If we do not address this pension issue now, we will be worrying about how we pay for the [...]

By: PA public pension fund lowers expectations « Watchdog News

PA public pension fund lowers expectations « Watchdog News — Fri, 04 May 2012 12:30:16 +0000

[...] pension systems should use an annual rate of return of 6.5 percent to meet long-term obligations. The state this year is contributing $693 million to SERS and $761 million to PSERS. Using current projections, the state will be paying $2.1 billion annually into SERS and $8 [...]

By: PA public pension fund cuts expectations, grows liability | Statehousenewsonline.com

Thu, 03 May 2012 21:42:10 +0000

By: VIDEO: PA gov looks at 401(k)-style plan to curb pension crisis | PA Independent

Wed, 02 May 2012 23:31:34 +0000

[...] budget. That figure will increase to $1.6 billion next year and more than $4 billion by 2016, according to estimates from the pension systems and the governor's budget office. “If we do not address this pension issue now, we will be worrying about how we pay [...]

By: Week In Review: PA primary coming; budget battle close behind | Statehousenewsonline.com

Fri, 20 Apr 2012 23:10:03 +0000

[...] addressing the pension systems of financially strapped public schools would be a good first step. In this year’s budget, Pennsylvania will have to spend about $1.6 billion in taxpayer dollars for … — the Public School Employees Retirement System, or PSERS, and the State Employees Retirement [...]

By: PA gov: Pension costs are ‘Pac-Man’ to the budget (VIDEO) | Statehousenewsonline.com

Tue, 17 Apr 2012 01:11:17 +0000

[...] In this year’s budget, Pennsylvania will have to spend about $1.6 billion in taxpayer dollars … — the Public School Employees Retirement System, or PSERS, and the State Employees Retirement System, or SERS. The pension payments are expected to climb to more than $4 billion by the fiscal year that begins in July 2016, making the pension funds one of the largest cost drivers in state government, Corbett said. “That is Pac-Man to the budget," Corbett said. "It is just eating up more and more of the budget, and we’re going to have to deal with that. There have been some receptive conversations that we’ve had with leaders.” State Rep. Mike Vereb, R-Montgomery, confirmed that discussions have taken place. The first goal is pension reform targeting public school districts with the biggest financial problems, he said. Neither Corbett nor Vereb gave specifics on what the plan might be, though Vereb said it could ultimately be tied to the state budget, which is supposed to be passed in June. The higher pension costs in coming years are the result of a law passed in 2003 that systematically underfunded the pension plans for a period of 10 years with the assumption that market earnings would make up the difference. The combined unfunded liability for the two pension funds exceeds $36 billion, though some studies suggest it may be more than $100 billion. [...]

By: Corbett: Pension costs are ‘Pac-Man’ to the budget (VIDEO) | PA Independent

Mon, 16 Apr 2012 21:50:45 +0000

By: Corman to Corbett: Universities already paid their ‘fair share’ of budget cuts | Statehousenewsonline.com

Tue, 28 Feb 2012 02:12:29 +0000

[...] education as an example of discretionary spending that could be squeezed out in coming years by increased required spending in Medicare and public pensions, for example. Corman said Monday that he wanted to keep the state from going in that direction. “As the [...]

By: Corman to Corbett: Universities already paid their ‘fair share’ of budget cuts | PA Independent

Tue, 28 Feb 2012 00:02:22 +0000

By: PA’s pension debacle raises fears of higher taxes | Statehousenewsonline.com

Fri, 24 Feb 2012 00:31:33 +0000

[...] made over time by the employer and employee, but is not tied to a specific formula. State contributions to a pair of public pension funds will increase by 600 percent in the next five …. The costs will continue to grow for the next decade, as the state makes up for a decade of [...]

By: Lawmakers demand answers on possible pension reforms | PA Independent

Lawmakers demand answers on possible pension reforms | PA Independent — Fri, 24 Feb 2012 00:30:11 +0000

By: PA gov’s budget could kill pension oversight group | Statehousenewsonline.com

Wed, 22 Feb 2012 03:52:01 +0000

[...] a massive increase in pension contributions on behalf of the state in coming decades. This year, payments to SERS and PSERS will consume more than $1 billion of the state budget, up from $700 milli…. By the fiscal year that begins July 1, 2016, Pennsylvania will be making an estimated $4.2 [...]

By: PA gov’s budget could kill pension oversight group | PA Independent

PA gov’s budget could kill pension oversight group | PA Independent — Tue, 21 Feb 2012 23:33:01 +0000

[...] in pension contributions on behalf of the state in coming decades. This year, payments to SERS and PSERS will consume more than $1 billion of the state budget, up from $700 milli…. By the fiscal year that begins July 1, 2016, Pennsylvania will be making an estimated $4.2 [...]