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05/25/2024 01:28 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20230&cosponId=41360
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: September 5, 2023 09:21 AM
From: Representative Wendy Fink
To: All House members
Subject: Pension Reform: Newly Elected Members of the House of Representatives
 
Pennsylvania’s State Employees’ Retirement System has BILLIONs of dollars in unfunded liabilities. The best way to prevent a hole from getting deeper is to stop digging. The Pennsylvania House of Representatives can take an important step and show leadership on this issue by making a change to the benefit options available to future members of our chamber.

In the near future, I will introduce legislation that will require Freshman House members elected in 2024 and after to enroll in the defined contribution plan. This change will not impact current members of the House of Representatives or individuals currently enrolled in SERS. This legislation is similar to Senator Jarrett Coleman’s SB 699 which would be for new Senators elected in 2024. The Defined Contribution Plan offered by SERS is the investment option for retirement as employees pick how their money should be invested for retirement. Ultimately the amount an employee has for retirement is dependent on the accumulation of contributions and the performance of the investments.

I hope that you will join me in sponsoring this critical legislation.
 



Introduced as HB1687