Jun. 08, 2017
HARRISBURG – Rep. Sue Helm (R-Dauphin/Lebanon) today joined a bipartisan majority of her colleagues in the Pennsylvania House of Representatives in supporting
Senate Bill 1, historic legislation to reform the state’s two public pension systems. The measure now goes to Gov. Tom Wolf, who is expected to sign it into law next week.
“We have been talking about pension reform for decades and today we took a significant step forward toward resolving the crisis by shifting the risk away from taxpayers and ensuring the Commonwealth can meet its future pension obligations,” said Helm. “My hope is that we don’t stop here and continue to work on finding a way to further reduce the mounting pension debt.”
Helm explained that the legislation would establish three new public pension plans from which state employees and teachers hired in 2019 or later can choose. Each offers a defined contribution component, similar to a 401(k) commonly offered to workers in the private sector. The plans provide future employees with retirement security and portability while also protecting taxpayers.
“We need to stress that retirees will not be affected by this legislation and neither will current state employees or teachers, unless they choose to opt into one of the three plans,” said Helm.
The pension reform plan is projected to save more than $5 billion and save taxpayers $3 billion or more from reduced fees and costs through investment management changes.
Representative Sue Helm
104th District
Pennsylvania House of Representatives
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