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Video: Pennsylvania Gov. Wolf Discusses Paying Down Pensions, Transition to 401(k) System

Pennsylvania Gov. Tom Wolf sat down with PennLive this week to discuss the state’s pension system. The first topic of discussion is a possible transition to a 401(k) system – an option favored by the state’s Republican lawmaker but opposed by Wolf. Wolf also discusses the long-term funding of the system and comments on the state making its full ...
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Pennsylvania Pension Officials Defend Investment Strategy After Governor Calls for Overhaul

Last week, Pennsylvania Gov. Tom Wolf released his first budget proposal. Wolf has said many times that he doesn’t support a full overhaul of the state’s pension system. But his budget did contain some pension-related changes. Wolf is calling for the state’s pension funds to take a more passive approach to investing and to cut down the fees it ...
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Pennsylvania Gov. Budget Proposal: Overhaul Pension Investment Strategy and Cut Fees, Managers

Pennsylvania Gov. Tom Wolf released his first budget proposal last week, and there were several items of interest related to pensions. On Wednesday, Pension360 covered Wolf’s proposal for issuing $3 billion in pension bonds to attempt to shore up the funding of the state’s two major pension systems. But Wolf is also proposing an overhaul of the ...
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Pennsylvania Gov. Wolf Proposes $3 Billion Pension Bond

Pennsylvania Gov. Tom Wolf unveiled his budget proposal on Tuesday, and it contained a number of pension-related items. The biggest was undoubtedly the proposed issuance of $3 billion in pension bonds, to be used to pay down the liability of the Public School Employees Retirement System (PSERS). As is always the case with pension bonds, the state runs ...
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Pennsylvania Republicans: State Pension Reform Is “No. 1 Issue” in 2015

Pennsylvania Gov. Tom Wolf, in stark contrast to his predecessor Tom Corbett, has been adamant that he is not on board with any sweeping changes to the state’s pension system – particularly the switch to a 401(k)-style system favored by many of the state’s Republican lawmakers. But House Republicans re-iterated last week that pension reform remains ...
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Pennsylvania Lawmaker Will Reintroduce Plan to Create 401(k) System for All New Public Employees

Pennsylvania State Rep. Warren Kampf says he will be reintroducing a bill that would significantly alter the states pension system. The bill would create two new defined-contribution plans: one for state employees and one for school district employees. All future state hires would be funneled into these 401(k)-style plans. In other words, the bill ...
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Video: New Pennsylvania Gov. Tom Wolf Talks About His Plans for Pension Funding, Reform

Pennsylvania Gov. Elect Tom Wolf will take office on January 20, and sooner than later he’ll be inundated with pushes from lawmakers to re-design the state pension plan. What should the city’s public sector workers expect under Wolf’s watch? In this video, he talks in-depth about his plans for the pension system. Videos of Wolf’s ...
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Pennsylvania Gov. Wolf Open to Issuing Pension Obligation Bonds

New Pennsylvania Gov. Tom Wolf has already said he’ll be taking a hands-off, wait-and-see approach to pension reform. He acknowledges that the system needs to improve its funding, but said he doesn’t think a switch to a 401(k)-type system is the correct way to approach reform. A Wolf spokesperson, however, revealed this week that the Governor may ...
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Pennsylvania Lawmaker Pushes For Pension Reform Action Before New Governor Takes Office

Pennsylvania Gov-elect Tom Wolf, in stark contrast to his predecessor Tom Corbett, has been adamant that he is not on board with any sweeping changes to the state’s pension system. But Wolf doesn’t take office until Jan. 20 – and some Republican lawmakers are still pushing for a quick passage of reform legislation before Wolf takes his seat. Senator ...
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Newspaper: Pennsylvania Pension Funding and Shale Tax Shouldn’t Be Linked

Last week, a Pennsylvania lawmaker proposed levying a shale tax of 3.5 percent on the state’s frackers. The revenues – estimated to be $400 million annually – would then go to paying down the Public School Employees’ Retirement System’s (PSERS) unfunded liabilities. One Pennsylvania newspaper agrees that paying down pension liabilities should ...
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