Brubaker Issues Statement Sharing Displeasure with Amendment
HARRISBURG – Senate Finance Committee Chairman Mike Brubaker (R-36) issued the following statement regarding the Senate Appropriations Committee vote on legislation which he has sponsored that addresses Pennsylvania’s ongoing pension crisis.
“Members of the Appropriations Committee amended Senate Bill 922 to remove language creating a defined contribution plan, or 401(a) plan, for new hires of the Public School Employees Retirement System (PSERS) and the State Employees Retirement System (SERS), except for elected officials. The amended bill also retains my original language making participation in the defined contribution plan mandatory for current legislators, the Governor, the Attorney General, the Auditor General, and Treasurer upon re-election and the judiciary upon retention.”
“I recognize that we have had to make some considerable compromises on this issue in order to move forward and advance a working product for future debate and consideration, but I am disappointed with the political reality that this amended version is what can be moved at this time.”
“The amended legislation does not address the Commonwealth’s growing $50 billion unfunded liability and the fact that this debt is expected to grow to $65 billion in less than five years combined, which will result in rising school property taxes. It’s time this body acknowledges the significance of and need for real and meaningful pension reform to ensure the state systems’ ongoing sustainability.”
“However this amendment does show the General Assembly is ready to lead by example on pension reform by changing their own first. Nevertheless, I remain hopeful and committed that in the coming days we can embrace this type of reform to benefit Pennsylvania taxpayers in the long-run with a more balanced, sustainable solution.”
CONTACT: Colleen Greer (717) 787-4420