November 16 2010
Pa. House passes bill to rescue state pension systems

HARRISBURG - The state House of Representatives took a step Monday to defuse Pennsylvania's pension bomb.

The House approved a bill aimed at addressing the skyrocketing retirement costs of state and public-school employees, including legislators and teachers.

The so-called pension-reform bill would spread payments into the two pension systems over additional years, boost the retirement age for future employees, and give them the option of either contributing more to the plan or having their benefits trimmed.

Gov. Rendell, who has said he would sign the measure, estimated that the bill would save the state $16 billion in pension payments over the next 25 years.

Read the full Philadelphia Inquirer story.