Liberty Index Update June 2012 Part 9: Key Votes – Pension Bailout of 2010 (Act 120 of 2010) — The Problem Did Not Go Away
Two years ago, The General Assembly kicked the Public Sector Employee Pension Problem down the road. This was done by bailing out the Public Sector Defined Benefit Plan that is hammering The Forgotten Taxpayer at will, as a matter of actuarial fact, get worse.
Act 120 of 2010 PSERS and SERS Union Pension Bailout Bill – Against Liberty A “YEA” Vote Was a VOTE AGAINST LIBERTY and AGAINST THE FORGOTTEN TAXPAYER
Watchdog.org summarizes the Pennsylvania Pension Problem citing the Pew Center on the States: A new study from the Pew Center on the States, a national public policy think tank, shows Pennsylvania’s total pension liability for retirements and health benefits exceeded $118 billion at the end of fiscal 2010, while contributions to the system are less than one-third of what is necessary to adequately fund the plans and keep the problem from getting worse. READ MORE Watchdog.org 18 June 2012 Eric Boehm