October 21,2016: PA Chamber
As you know, state pension reform has been our top public policy priority for many years. And now, in the final days of the 2015-16 legislative session, lawmakers are reportedly preparing to take up a historic pension reform measure that would help to rein in the steady growth of Pennsylvania’s unsustainable public pension systems. The legislation being considered would incorporate a 401(k)-style component into the retirement plans for new state and public school employees – thereby mitigating taxpayer risk, providing greater cost predictability and helping to ensure adequate retirement security for beneficiaries.
The Commonwealth’s pension crisis has led to a nearly $60 billion pension unfunded accrued liability in our state systems as well as repeated credit rating downgrades. This has made Pennsylvania’s economy less competitive, likely dissuaded would-be investors from locating and creating jobs here and will almost certainly eventually necessitate new and higher taxes.
Lend your voice to our efforts! Please take a moment to sign this letter to elected officials and urge their “yes” vote on this necessary public pension reform measure.
Founded in 1916, the Pennsylvania Chamber of Business and Industry is the state’s largest broad-based business association, with its membership comprising businesses of all sizes and across all industry sectors. The PA Chamber is The Statewide Voice of Business™.