|Posted:||December 27, 2012 11:43 AM|
|From:||Senator Donald C. White|
|To:||All Senate members|
|Subject:||State Legislators’ Defined Contribution Program|
|In the near future, I plan to re-introduce SB867 which will convert members of the Pennsylvania Legislature from the present defined benefit plan to a defined contribution plan. It is my understanding Representative Tim Krieger will also re-introduce his version of this legislation. Unlike similar proposals, my bill would make that conversion mandatory for all members, whether new or presently serving.
Despite reforms previously enacted, Pennsylvania’s pension systems remain in great distress. By making this proposed change to the pension benefit plan afforded to legislators, we will set an example and create an environment to enact the broader pension reforms necessary in the Commonwealth.
Last sessions co-sponsors included Senators: ORIE, FOLMER, VOGEL, YAW, SMUCKER, ALLOWAY, PIPPY, BRUBAKER, EICHELBERGER, RAFFERTY, VANCE, WAUGH, MENSCH, GREENLEAF, WARD, and WOZNIAK.
Introduced as SB283