Pennsylvania is implementing implmenting pension reform that might, given time and a little good luck, get the state out of a deep pension hole it has dug for itself. From Eric Boehm at reason.com:
In a remarkable show of bipartisanship, Republican state lawmakers and a Democratic governor in Pennsylvania approved a pension reform bill moving most future public employees into 401(k)-style retirement plan, helping stanch a $70 billion unfunded liability.
Gov. Tom Wolf, who signed the bill Monday, said “This bill is a win for Pennsylvania taxpayers. It’s also fair to Pennsylvania’s workforce.”
The reform is far from perfect, but makes several important changes that should help Pennsylvania with a massive pension debt that will still take decades to get out from under. It could also serve as a model for other states dealing with similar pension problems.
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