Why do taxpayers have to cover the shortfall?
HA, HA!!! Lots of luck in trying to sell this to the politicians.
present workers must not be allowed to start collecting until age 60 or 62.....
govt work is far and above better pay and better work hours and better benefits and pension than nearly all private employee jobs.....
its time they faced reality....
>> Our pension crisis requires immediate action by lawmakers,
Lawmakers? More like law breakers...
The communities must come together and make the tough decisions about what they’re willing to shell out in order to salvage the broken promises. Too many sweetheart deals were made by corrupt politicians that should otherwise be hanging from the gallows.
This must be corrected locally. Enough with the national-level bailouts.
How do you “lose” a mortgage payment”
More like you “lose” your home
and they are not talking one mortgage payment, they are talking one a year, to pay an annual tax increase
“Current projections show that state and school district contributions will increase from $2.5 billion in 2012-13 to $6.2 billion in 2016-17, representing $877 per Pennsylvania household or the salary of 33,000 teachers. Clearly, we can’t afford to simply do nothing.”
I’m not an expert on Pennsylvania schools, but I’ll bet there are several hundred administrators or other useful twits that could be sacrificed instead of teachers. It’s fer the chilrun
Well, lawmakers can retroactively CUT benefits, too, rather than further burden taxpayers. PA median income is about $52k/year. Every pension above that should be cut to that amount.
The $47 billion dollar unfunded liability is based on an annual rate of return of 7.5%; I don’t believe PERS or SERS has averaged 4% over the last five years, despite the general market performance. Assuming a more realistic return rate of 3.5%, the impact of this debt will be catastrophic. This has been known since 2008, and still NO ACTION. I think bankruptcy will be the solution, based on the power of unions here. We see what is happening in Detroit, 17 cents on the dollar for unfunded portion of pensions for retirees, hope all those retired teachers in PA are paying attention, because without reform, this is your future as well, despite the union promises to the contrary.