Coming cost increases forcing PA officials to plan ahead this year
By Eric Boehm | PA Independent
HARRISBURG — Reforming Pennsylvania’s pension plans is the only option.
Still, Corbett and Corman said they do not have a specific plan on how to reform the system at this time.
“We’ll have to wait and see where the body is,” Corman said, referring to the General Assembly.
Many conservatives have advocated for a change from the existing defined benefit plan — in which pension benefits are guaranteed as a formula of years worked and salary — to a defined contribution plan where workers can invest a portion of their pay in a retirement account, similar to a 401(k) plan in the private sector.