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Toll Free: 1-800-287-0614
 
Ford City
 Office
312 Ford St.
Ford City, PA 16226-1212
Tel: 724-763-3222
FAX: 724-763-9788
Staff: Abigail Major (Chief of Staff), Amajor@pahousegop.com
Marissa DeLorenzo, Mdelorenzo@pahousegop.com

Hours: Mon- Wed and Fri 9 a.m. - 4:30 p.m.  Thurs. 12 pm - 7 pm.

Sarver Office
612 South Pike Road #106
Sarver, PA 16055
Phone: (724) 295-2200
Fax: (724) 295-2322  

Staff: Zachary Reigh, Zreigh@pahousegop.com
Marcia Fox Mfox@pahousegop.com

Hours: Mon-Fri 9 a.m. - 4:30 p.m.    

Capitol Office
216 Ryan Office Building
PO Box 202060
Harrisburg, PA 17120-2060
Tel: 717-783-5327
Fax: 717-260-6511
Staff: Erica Godsey, egodsey@pahousegop.com 
 
Email:  
The Honorable Jeff Pyle, jpyle@pahousegop.com
Pyle Votes in Support of Pension Reforms; Bill Heads to Governor
11/15/2010

Rep. Jeff Pyle (R-Armstrong/Indiana) today voted in favor of legislation that would bring about significant reforms to the state’s two pension systems, while reducing the massive increases in contributions facing school districts and taxpayers in 2012.

 

“I was pleased the speaker called the House back into session so that we could get this bill to the governor’s desk,” Pyle said.  “Without changes to the current pension systems, taxpayers throughout the 60th District were faced with significant increases in their school property tax bills to help school districts fund investment losses.  State government must take actions that protect taxpayers and this bill accomplishes this goal.”

 

Under House Bill 2497, changes that would be made to the pension systems include:

 

  • Elimination of the lump sum option, which permits retiring employees to withdraw all of their contributions, while receiving a monthly benefit.
  • Raises the retirement age from 60 to 65 for state employees and from 62 to 65 for school employees.
  • Increases the vesting period from five years to 10 years.
  • Reduces the benefit multiplier from 2.5 percent to 2 percent and from 3 percent to 2 percent for lawmakers, while maintaining the employee contribution rate of 6.25 percent for state employees and 7.5 percent for school employees.
  • Capping the retirement benefit under the new plan at the member’s pre-retirement salary, regardless of how many years of service.
  • Reduces the liabilities amortization period from 30 years to 24 years.
  • Creation of a “shared risk” provision, which would shift investment losses to the employee instead of solely being borne by the taxpayer.  The employee’s contribution would be adjusted periodically to reflect any poor investment performance by the fund.

 

“The changes included in this legislation will only apply to new state and school district employees.  Contrary to many reports, those who are currently employed or retired will not be affected in any way,” Pyle said.  “These changes will help the long-term health of the pension system to ensure that both funds are able to meet their future obligations.”

 

The bill now heads to the governor for his signature.

 

Rep. Jeff Pyle
60th District
Pennsylvania House of Representatives

(800) 287-0614

Contact:  Tim Eller

House Republican Public Relations
teller@pahousegop.com

(717) 260-6242
Member site:  JeffPyle.net

Caucus site:  PAHouseGOP.com

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