Jun 9, 2017
Pension Reform In Pennsylvania
It's not often that I have anything especially good to say about our boys in Harrisburg. Today is the exception. I congratulate the state house for finally passing a pension reform bill. Needless to say it will disappoint those who sought greater reform, however, for Harrisburg it is as much as I hoped for. Understand that even under a Republican Governor, with Republicans in charge of both houses, it failed to pass.
Although 50% of the pensions for teachers and state workers will remain guaranteed, the other half will be governed by the market, as it is for most people in the private sector, those who still even have a pension. No previous or existing employee's pension will be affected by the reform, which will only effect new employees, starting in 2019.
Tax relief advocates now hope to shift school taxes from real estate to income. I don't think we will see that anytime soon, if at all.