Wednesday, June 19, 2013
CF Applauds Pension Reform Action
The Commonwealth Foundation applauds the Senate Finance Committee for moving meaningful pension reform legislation. The Committee advanced SB 922 to put all new state and school district employees into a defined contribution plan, similar to a 401(k).
"This is a critical first step to addressing our public pension crisis," said Matthew Brouillette, president and CEO of the Commonwealth Foundation. "Our current pension system is like a sinking ship, and we need to stop adding more passengers. Placing new employees in a defined contribution does just that, plugging the hole in the hull first, so that we can start bailing out the water."
"Defined contribution plans provide a sound retirement for workers while also being affordable and predictable for taxpayers," Brouillette continued. "Moreover, this reform will get politics out of pensions and prevent the manipulation of pension benefits and payments that created the $47 billion and growing crisis."
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For more information, please contact John Bouder, Communications Officer at 717-671-1901 or [email protected].
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