A Berks County lawmaker is seeking a solution to Pennsylvania's growing pension problem.
Pa. Sen. Judy Schwank, a Democrat, announced Tuesday that she will introduce a bill that would direct a new commission to examine the issue and propose a bipartisan solution.
"We have known for years that Pennsylvania's pension systems have been suffering because of the decisions of the past," Schwank said. "But those decisions, like the proposals that have since been offered and rejected, were made without the full benefit of their implications."
If Schwank's bill is approved, the Public Pensions Review Commission would be comprised of representatives from each branch of state government plus state system universities, state-related universities, the separate state organizations of county governments, municipal governments and school districts, major public employee unions, and the general public.
The commission would be authorized to conduct hearings and required to submit its solution no later than six months after the bill is signed into law.
"We have wasted too much time rehashing the same proposals and political posturing while the pension issue festers. We need to get the right people to the table and find the right solutions to the pension problem," Schwank said. "We need solutions that are equitable to state and public school employees as well as Pennsylvania taxpayers."
Pennsylvania's pension plans – the State Employees' Retirement System, or SERS, and the Public School Employees' Retirement System, or PSERS – have a combined shortfall of $48 billion, Schwank said.
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