|Posted:||December 11, 2014 03:37 PM|
|From:||Senator Donald C. White|
|To:||All Senate members|
|Subject:||State Legislators’ Defined Contribution Program|
|In the near future, I plan to re-introduce SB283 which will convert members of the Pennsylvania Legislature from the present defined benefit plan to a defined contribution plan. Unlike similar proposals, my bill would make 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.
A similar proposal was passed unanimously by the Senate last session. SB922 would have created a defined contribution plan for legislators, as well as the Governor, the Attorney General, the Auditor General, the Treasurer upon re-election, and the judiciary upon retention.
If you have any questions regarding this legislation, please contact Carlton Logue of my office at 787-8724 or email@example.com
Introduced as SB401