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Special Report-funding and Reforming Public Employee Retirement Systems

Special Report-funding and Reforming Public Employee Retirement Systems

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Published by Reading_Eagle
A report by the Pennsylvania Public Employee Retirement Commission
A report by the Pennsylvania Public Employee Retirement Commission

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Published by: Reading_Eagle on Aug 16, 2013
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08/18/2013

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SPECIAL REPORT:Funding and ReformingPublic Employee Retirement Systems
Commonwealth of PennsylvaniaPublic Employee Retirement CommissionHarrisburg, PennsylvaniaJanuary 2013
 
PUBLIC EMPLOYEE RETIREMENT COMMISSION
Gubernatorial Appointees Legislative Appointee
Mr. Anthony W. Salomone
Chairman
Retired Executive Director of the Public Employee Retirement Commission Commonwealth of Pennsylvania 
Senator Patrick M. Browne
District 16 Lehigh, Monroe and Northampton Counties 
Mr. A. Carville Foster, Jr.
Vice Chairman
Retired Legislator 
Senator Daylin B. Leach
District 17 Montgomery County 
Mr. Christ J. Zervanos
Retired Director of Labor Relations Office of Administration Commonwealth of Pennsylvania 
Representative Mike Tobash
District 125 Berks and Schuylkill Counties 
Mr. David F. Werner, CPA
Retired Principal State and Local Tax Services ParenteBeard LLC 
Representative R. Ted Harhai
District 58 Fayette and Westmoreland Counties 
Mr. John J. Egan, Jr.
President, J. Egan Consulting, LLC 
Executive Director:James L. McAnenCommission Office:510 Finance Building613 North StreetP. O. Box 1429Harrisburg, PA 17105-1429 Telephone:(717) 783-6100FAX:(717) 787-9531E-mail:perc@pa.govWeb Site:www.perc.state.pa.us
 
-i-
COMMONWEALTH OF PENNSYLVANIA 
PUBLIC EMPLOYEE RETIREMENT COMMISSION
HARRISBURG17120
 January 28, 2013 To:Members of the Pennsylvania General Assembly and Governor CorbettUnder the Public Employee Retirement Commission Act (Act 66 of 1981), this Commission has a responsibility to study, on a continuing basis,the Commonwealth’s public employee retirement systems and to reportthereon to the Governor and the General Assembly. Pursuant to that mandateand the pension funding issues brought about by the recent recession and weak recovery, the Commission initiated a study of the current funding crisis,the actions available to manage that problem, and the reforms that may beundertaken to prevent a recurrence of these issues in the future. In thecourse of that study, Commission staff conducted an extensive review of actuarial methodologies, legal strictures, analytical publications, various plandesigns, the reforms adopted in other jurisdictions, and other matters specificto the fragmented nature of Pennsylvania’s local government pension plans.In addition, the Commission issued an open call for interested parties toexpress their ideas, and conducted a series of public hearings in the autumnof 2012 for that purpose.On behalf of the Commission, I hereby submit the attached report for your review and consideration. The Commission hopes that you will find thematerial presented in the report to be beneficial in your deliberations onpension reform, and I specifically extend the services of the Commission staff to assist any member of the administration or General Assembly who seeks todevelop a legislative proposal to address these vital issues.Sincerely,Anthony W. SalomoneChairman

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