Other pension plan sponsors support compromise Senate Bill 1 proposal

Other pension plan sponsors support compromise Senate Bill 1 proposal

While the House is considering a compromise pension reform plan embodied in Senate Bill 1, House sponsors of some of the other pension plans that have received a lot of House attention are in support of the plan though it is not their own.

“I think it’s a good bill,” said Rep. Warren Kampf (R-Chester) whose House Bill 727 was voted out of the House State Government Committee earlier this session and has awaited Floor action since.

“The main feature—from my perspective—is that we’re going to have a defined contribution plan, a 401(k)-like plan for future hires,” he added, also noting he feels the changes to current employee benefits remaining in the legislation are “reasonable.”

Saturday, June 27, 2015/Author: Jason Gottesman
Categories: News and Views

Details of House pension plan emerge

House Republicans spent most of Friday morning and early afternoon caucusing on what is likely to be their version of pension reform, to be adopted as an amendment to Senate Bill 1 sometime in the next several days.

Rep. Mike Tobash (R-Schuylkill), one of the House GOP’s top pension minds and a member of the Public Employee Retirement Commission, spoke to The PLS Reporter about the likely contents of that plan and what was discussed in those caucus discussions.

“I think members continue to be interested in some of the goals we’ve been trying to achieve for the last number of years, namely, shifting some risk from the taxpayer and out of the hands of a legislature that has not been able to manage a defined benefit plan and develop savings and provide some kind of a benefit for new employees coming into the system,” he said.

Friday, June 26, 2015/Author: Jason Gottesman
Categories: News and Views
House and Senate advance defined contribution pension bills

House and Senate advance defined contribution pension bills

Though different in substance, both the House and Senate were active Tuesday in moving bills designed to dramatically reform Pennsylvania’s state-run public employee pension systems.

Furthest along in the process is Senate Bill 1, the Senate Republican caucus’s pension reform plan that would move new employees to a 401(k)-like pension plan and alter the future benefits of current employees by requiring a higher employee contribution or rolling their defined benefit plan structure back to that of pre-Act 9-levels.

After making its way through the Senate Finance Committee yesterday, the legislation was considered Tuesday morning by the Public Employee Retirement Commission.

There, an actuarial note to the legislation was approved that showed the bill could save anywhere between $8 billion and $18 billion depending on which analysis is used.

Tuesday, May 12, 2015/Author: Jason Gottesman
Categories: News and Views
Bill aimed at ensuring subcontractors are paid promptly vetted in hearing

Bill aimed at ensuring subcontractors are paid promptly vetted in hearing

A bill sponsored by Rep. Mike Tobash (R-Schuylkill) to strengthen the rights of subcontractors over their prime contractors and owners was the subject of a two-hour hearing in front of the House Commerce Committee Tuesday.

According to Rep. Tobash, the bill—House Bill 726—will ensure subcontractors are protected against unscrupulous contractors and owners.

“We’ve got some elements of the law right now that are setting the playing field to really allow misconduct by unscrupulous general contractors and, maybe in some cases, owners,” he told The PLS Reporter.

Tuesday, April 7, 2015/Author: Jason Gottesman
Categories: News and Views
Fixing pensions: varied opinions with common threads

Fixing pensions: varied opinions with common threads

A House hearing Tuesday brought together experts from academia, actuarial firms, public sector employee unions, and pension management firms to discuss what needs to be done to fix the Commonwealth’s looming—if not present—pension problem.

While all the different testifiers brought their unique perspectives to the issue—especially as to whether a change in pension benefit plan design is needed—one common thread was found among all who spoke on the issue: the Commonwealth’s unfunded pension liability will not disappear without more money being thrown at the problem.

“A plan design change is not enough to deal with the unfunded liability,” said House State Government Committee Chairman Daryl Metcalfe (R-Butler), whose committee convened Tuesday’s hearing.

“We have to bite the bullet and deal with the current underfunding. There’s no easy answer,” he told The PLS Reporter

Tuesday, March 24, 2015/Author: Jason Gottesman
Categories: News and Views
RSS
123456