Pennsylvania's pension costs are currently consuming more than 60 cents of every new dollar of general fund revenues.
If left unaddressed, within four years, SERS and PSERS will be underfunded by $65 billon, or $13,000 per Pennsylvania household and double the state budget. Pennsylvania also risks a credit downgrade, which would further strain future budgets. Pension costs are also a major cost driver for local school districts, leading to higher property taxes for homeowners.
Oh and by the way, Wolf's company has already moved their employees from a defined benefit to a 401-k plan. Further proof of Wolf's hypocrisy.
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