Currently there are attempts being made to replace pensions that workers have earned and contributed to. Elected officials have admitted that it is the fault of Wall Street and themselves for poor investment returns and underfunding, yet they want workers to pay for those mistakes. We must fight back with the truth.
Here are three things you should know about state employee pensions:
- Employees have been paying their fair share all along, contributing between 6% and 10% of every paycheck to their pension, even when the Commonwealth and many school districts failed to make their contributions.
- Politicians are trying to make public employees pay for mistakes made by the greed on Wall Street… but the changes they are proposing will actually cost the taxpayers MORE money!
- Act 120, the 2010 Pension Reform Law passed with bipartisan support already reduced pension benefits and raised the retirement age for new employees. Now politicians need to fulfill their promise by honoring the commitments they made. Give Act 120 a chance to work!
The fact is that our public pension systems in PA are not facing a ‘fiscal cliff’, and there is plenty of time to allow the meaningful reforms of Act 120 to prove their value.
Check back here often and follow the blog below for updates on this critical legislative issue that affects so many working families in Pennsylvania.