Corbett Budget Keeps Government Focused on Core Functions -- Pensions
Submitted by Maura Donley on Wed, 02/27/2013 - 1:57pmPensions
The unfunded liability for state employees and teacher pensions is $41 billion, and if something isn’t done soon we are on the hook for it. The Governor is offering a plan that will almost surely result in a tough political fight because part of it calls for adjusting the pension formulas of those currently employed. There may be no alternative. His budget office says that next fiscal year the costs for pensions will consume 60 percent of all new revenues, money that should be going to core government programs.