|Posted:||January 14, 2013 09:54 AM|
|From:||Representative Eli Evankovich|
|To:||All House members|
|Subject:||Creating a Defined-Contribution Pension Plan - Re-introduction of HB 2200 2011-2012|
|I intend to re-introduce former HB 2200 in the near future. This legislation will establish a defined-contribution retirement plan for new members and employees of the General Assembly.
Despite the enactment of state and school pension legislation during the 2009-10 session (Act 120 of 2010), Pennsylvania citizens continue to call for substantial changes to our public pension systems. I believe that the legislative branch must step up and address taxpayer concerns, by serving as an example for the rest of the public sector.
The plan will be mandatory for individuals beginning service or employment with the legislative branch after November 30, 2014. These individuals will not be permitted to join the existing State Employees’ Retirement System (SERS) defined-benefit plan.
My proposed defined contribution plan will allow employees to make retirement contributions through an array of investment options, representing varying degrees of risk. Under the proposal, the employer will match a portion of the employee’s contributions and vesting will be 3 years.
My proposal WILL NOT in any way change benefits for current employees or members.
My legislation will offer a significant step toward the transformation of our public pension systems in Pennsylvania.
Former co-sponsors include: TRUITT, AUMENT, BARRAR , BEAR , BENNINGHOFF , BLOOM, BOYD , BROOKS , R. BROWN, CAUSER , CHRISTIANA, CLYMER , COX , CREIGHTON , CUTLER , DENLINGER , DePASQUALE , DONATUCCI, EMRICK, EVERETT , FARRY, FLECK , GABLER, GERGELY , GILLEN, GINGRICH , GODSHALL , GROVE, HACKETT, HARHART , HELM , HENNESSEY , HUTCHINSON , KAMPF, KAUFFMAN , F. KELLER, KILLION , KORTZ , LAWRENCE, MAHER , MALONEY, MARSHALL , MASSER, METCALFE , MILNE , MULLERY, MURT , OBERLANDER, PERRY , PETRI , PICKETT , PYLE , RAPP , REED , REESE, ROCK , SACCONE, SANTARSIERO, SAYLOR , CULVER, SCHRODER , SIMMONS, STEPHENS, STEVENSON , TALLMAN, TAYLOR , TOBASH, TOEPEL, TOOHIL, TURZAI , VEREB , VULAKOVICH , SWANGER and ROAE
Introduced as HB761