Unveiling PA Pension Debt Clock

HARRISBURG—Pennsylvania’s growing pension debt for its State Employees Retirement System (SERS) and its Public School Employees Retirement System (PSERS) now exceeds $60 billion and is growing at over $4 billion annually.

After 18 months of quiet advocacy to encourage the Governor and the General Assembly to responsibly address the pension debt, Barry Shutt, a Lower Paxton Township resident, self-described only as a "grandfather concerned about the future of his grandchildren and all the grandchildren of Pennsylvania", will unveil tomorrow at 11:00 a.m. in the East Wing Rotunda at the State Capitol, a "Pennsylvania Pension Debt Clock" to constantly track the Commonwealth’s growing pension debt, which increases by over $12.4 million per day.

Mr. Shutt said that while he will continue for the foreseeable future his weekly advocacy for meaningful and comprehensive pension reform, it is his hope that by adding to his advocacy the electronic Pension Debt Clock, the Governor, Members of the General Assembly and just as important, public visitors to the state Capitol will gain a greater appreciation for how fast the state’s pension debt is increasing, and how important it is to begin repaying that debt for the sake of our grandchildren’s future.

Joining Mr. Shutt for the unveiling of the clock will be: Mr. Richard Dreyfuss a respected actuary and pension expert from Hershey; State Representative John McGinnis, also a pension expert and a Professor Emeritus of Finance from Penn State University as well as a strong advocate for pension reform within the General Assembly; and Mr. Eric Epstein, a long time citizen advocate for accountability in government.