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PA Pension Reform 10-4-2010

PA Pension Reform 10-4-2010

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Presentation by Commonwealth Foundation senior fellow Rick Dreyfuss on Pennsylvania Pensions and the flawed "reforms" being pushed.
Presentation by Commonwealth Foundation senior fellow Rick Dreyfuss on Pennsylvania Pensions and the flawed "reforms" being pushed.

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Published by: Commonwealth Foundation on Oct 06, 2010
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10/06/2010

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PA Public Pensions & Politics:-
Managing "Generational Theft‖ 
The Absence of Sound Public Policy Principles
Richard C. Dreyfuss
Business Consultant and Actuary Senior Fellow -The Commonwealth Foundation TredyffrinTownship Republican Committee October 4, 2010 
– 
Strafford-Wayne, PA
 
Managing Pension Liabilities
THE WALL STREET JOURNAL
The Public Pension Crisis
August 18, 2006;PageA14
“… the fundamental problem is that publicpensions are inherently political institutions.”“… the current public pension system simplyisn't sustainable in the long run.”
2
 
 A Summary of the Problem
“In any collaboration between two groups who hold
different basic principles, it is the more irrational one who
wins.”
What good is an unprincipled bipartisan agreement?
In public pension “reform”, historically the taxpayer loses
This helps explain the irrational pension legislation of
Act 9 (2001)
 –
25%/50% increase in pensions
Act 38 (2002)
 –
Retiree pension COLA
Act 40 (2003)
 –
Deferring unaffordable costs to 2012 and beyond
Act 44 (2009)
 –
City of Philadelphia/municipal pension non-reform
HB 2497 (2010)
 –
PSERS
& SERS “reform” (Generational Theft
Bill)
 –
Now under consideration by the PA Senate
3

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