Governor Corbett’s budget briefing outlined significant reform measures to Pennsylvania’s two public pensions systems: the Public School Employees’ Retirement System (PSERS) and the State Employees’ Retirement System (SERS).
Approximately 25 percent of APSCUF members have a SERS retirement plan and 8 percent are enrolled in PSERS.
APSCUF believes the outlined pension reform measures are premature and that Governor Corbett needs to allow Act 120 to work. Significant reform measures to reduce the multipliers, increase vesting, modify Option 4, increase normal retirement age and impose a cap on benefits were already achieved through the passage of Act 120. These proposed reformed measures will only result in long court challenges as they will be constitutionally challenged.
Visit our blog to read more about the details of the Governor's pension reform plan.