Legislation Quick Search
06/25/2021 12:22 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20190&cosponId=32602
Share:
Home / House Co-Sponsorship Memoranda

House Co-Sponsorship Memoranda

Subscribe to PaLegis Notifications
NEW!

Subscribe to receive notifications of new Co-Sponsorship Memos circulated

By Member | By Date | Keyword Search


House of Representatives
Session of 2019 - 2020 Regular Session

MEMORANDUM

Posted: October 30, 2020 12:05 PM
From: Representative Robert E. Merski
To: All House members
Subject: Early Retirement Study
 
Pennsylvania is currently experiencing a public pension funding crisis. The State Employees’ Retirement System (SERS) and the Public-School Employees’ Retirement System (PSERS) are the largest public pension systems in the state, but do not currently hold enough money to fully fund all of their members.  
 
Over the past 40 years, Pennsylvania has intermittently allowed for members of SERS and PSERS to retire early with no reduction in their retirement benefits. In 2005, the General Assembly directed the Legislative Budget and Finance Committee to perform a study on early retirement proposals. This was the last major study conducted in Pennsylvania that analyzed the benefits and drawbacks of allowing early retirement for public pension holders.
 
I believe it is time for another study to be performed. That is why I am introducing a resolution directing the Legislative Budget and Finance Committee to conduct a cost analysis study of early retirement for members of SERS and PSERS who are 55 years old or have 30 years of service. The study will fiscally and actuarially analyze the option of early retirement to determine if it should be established for state and public-school employees. Please join me in supporting this resolution to help mitigate the public pension funding crisis in our state.
 
 



Introduced as HR1085