Taxpayer contributions to Pennsylvania’s public pension funds in 2017 amounted to 79.9 percent of the total, the ninth highest ratio among the 50 states, according to newly released data by the U.S. Census Bureau.
The funded ratio of the Pennsylvania public pension plan ranked 42nd in the nation, according to a new analysis from the Tax Foundation based on fiscal-year 2017 data.
Pennsylvania’s two public pension systems received a wake-up call on Dec. 20, delivered by a review commission in a 400-page report.
Gov. Tom Wolf spoke briefly Tuesday about the pension bill moving toward his desk this week, calling it a “significant start” on what has become one of Pennsylvania’s worst political catastrophes.
The state Senate recently took the first steps toward passing a significant overhaul of Pennsylvania’s troubled public pension systems.
The analysis of Pennsylvania’s pension crisis by Miriam Fox (PennLive, May 8 “This is the pension reform issue no one is talking about”) was intriguing.
The unfunded liability for the state pension system is $56.78 billion, according to a detailed story on the system in the Sun-Gazette.
Pennsylvania isn’t the only state with underfunded pension systems that are driving up taxes while diminishing government services, although its systems are among the worst.
A solution is on the table in Harrisburg, and it’s time to get it done
The Pennsylvania Senate and House of Representatives passed different versions of state pension reform earlier this year.