Search Results for: tom corbett

Pennsylvania Auditor General Calls For “State-Wide Solution” After Audit Reveals Scranton Pension System Could Be Broke Within 3 Years

[iframe src=”<iframe id=”viddler-252836bf” src=”//www.viddler.com/embed/252836bf/?f=1&offset=0&autoplay=0&player=full&secret=70372667&disablebranding=0&view_secret=70372667″ width=”545″ height=”451″ frameborder=”0″ mozallowfullscreen=”true” webkitallowfullscreen=”true”></iframe>”] After a two year audit, Pennsylvania’s Auditor General announced today that Scranton’s pension system could become broke in 3 to 5 years—and forcefully indicated that Scranton was symbolic of larger, state-wide pension funding issues. On Scranton, the Times-Tribune reports: That dire prediction [3-5 years] could be … Continue reading Pennsylvania Auditor General Calls For “State-Wide Solution” After Audit Reveals Scranton Pension System Could Be Broke Within 3 Years

Pennsylvania Pension Reform Not Likely As Election Draws Closer

The election for Pennsylvania governor draws closer, but pension reform seems farther away than ever. Gov. Tom Corbett has made pension reform his campaign cry. But he remains down in the polls as the urgency to pass pension reform dwindles around him—both from inside and outside the capitol. ABC 27 reports: A typical late-August day … Continue reading Pennsylvania Pension Reform Not Likely As Election Draws Closer

With Lawmakers In Recess and Elections On Horizon, Pennsylvania’s Pension Debate is Heating Up

Pennsylvania Gov. Tom Corbett has spent the first week of August touring the state as part of his re-election campaign, and he’s using the opportunity to hammer home Pennsylvania’s need to lower the costs of its retirement system, and tout his policy ideas on the subject. One idea that Corbett has frequently proposed is shifting … Continue reading With Lawmakers In Recess and Elections On Horizon, Pennsylvania’s Pension Debate is Heating Up

Pennsylvania Weighs Risks, Rewards of Pension Obligation Bonds

Pension reform has been the talk of Pennsylvania politics these last few months, and the reasons are equally political and practical: if retirement costs keep rising, the state’s fiscal handcuffs will keep tightening—and they are already uncomfortably snug. That leads eventually to budget-cutting maneuvers, many of which are sure to be politically unpalatable. But a … Continue reading Pennsylvania Weighs Risks, Rewards of Pension Obligation Bonds

Pennsylvania Recieves Third Consecutive Credit Downgrade, and Its Pension System Is The Culprit

Just a few weeks ago, Pension360 covered the story of Pennsylvania’s pension tussle; in short, the state’s governor wanted lawmakers to address pension reform before they left on their vacations. Well, lawmakers are now on vacation and pension reform is gathering dust. The state’s credit rating is now paying the price. From Reuters: Moody’s Investors … Continue reading Pennsylvania Recieves Third Consecutive Credit Downgrade, and Its Pension System Is The Culprit

The Politics Behind Pennsylvania’s Pension Wrangling

When Pension360 last reported on news out of Pennsylvania, its governor was refusing to sign the state’s budget by the July 1st deadline unless lawmakers passed major pension reform. The July 1st deadline has come and gone, and no reform measures have emerged from the legislature. But Gov. Tom Corbett made his move yesterday—signing the … Continue reading The Politics Behind Pennsylvania’s Pension Wrangling

With Deadline Looming, Pennsylvania Gov. Refuses to Sign Budget Without Pension Reform

While most of the world was sleeping last week, lawmakers in Pennsylvania were scrambling to put the finishing touches on the state budget before the constitutionally-mandated midnight deadline. A little more than an hour before the clock struck 12, a budget was finally put on the desk of Pennsylvania Governor Tom Corbett. Only one problem: … Continue reading With Deadline Looming, Pennsylvania Gov. Refuses to Sign Budget Without Pension Reform

Think Tank: Pennsylvania Lawmakers Need To Reform Pensions – Now

Katrina Anderson, a senior policy analyst and director of government affairs for the Commonwealth Foundation, has published an op-ed in today’s Patriot-News urging Pennsylvania lawmakers to “reform the [pension] system now”. Ms. Anderson explains her support for a solution similar to Gov. Corbett’s plan, which would move new hires into a 401(k)-style plan. An excerpt … Continue reading Think Tank: Pennsylvania Lawmakers Need To Reform Pensions – Now

Pennsylvania Candidate Wolf Doubles Down on Pension Stance

Pension reform has been a center-stage issue since May in the race for Pennsylvania governor. During an interview this week with the Philadelphia Public School Notebook, Democratic candidate Tom Wolf forcefully doubled down on his position that pension reform isn’t the state’s fiscal priority. The exchange: Q: How is the escalating cost of pensions impacting … Continue reading Pennsylvania Candidate Wolf Doubles Down on Pension Stance

Would You Sell Your Future Pension For a Lump Sum of Cash? These Businesses Are Banking On It

You’ve heard of payday advances. But pension advances? Believe it or not, businesses are popping up that allow retirees to do just that: “sell” a portion (or all) of their future retirement income in exchange for a lump sum of cash today. The owners of these businesses admit that their service isn’t for everyone. But … Continue reading Would You Sell Your Future Pension For a Lump Sum of Cash? These Businesses Are Banking On It


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