Harrisburg, June 5, 2017 — Senator John T. Yudichak (D-Luzerne/Carbon), long an advocate of pension reform, voted in favor of the Senate’s pension reform bill (SB 1) because it responsibly protects the retirement security of state employees, while reducing the financial risk of taxpayers by saving more than $1 billion over the next several decades. Pension reform, embodied by SB 1, will allow Pennsylvania to invest budget savings into rebuilding our infrastructure, creating jobs, and protecting the environment. The bill will now move to the House, which is expected to vote on the measure before the end of the week.
“I voted against the pension increase of 2001 that precipitated the multi-billion-dollar pension crisis facing the Commonwealth,” said Senator Yudichak. “And, I supported Act 120 pension reforms that rolled back benefits and increased the retirement age to stem growing unfunded pension liabilities. With the passage of SB 1, we are now on a long-term, responsible pension fund trajectory that is fair to state employees and protects Pennsylvania taxpayers with public retirement options more aligned with the private-sector.”
“Pennsylvania’s state employees are among the most-dedicated in the country and after decades of service, they should earn a fair and reasonable retirement, but their retirement cannot exceed the Commonwealth’s ability to pay or come at the expense Pennsylvania’s seniors and working families.”