Pension bill won’t save money now or pay down pension debt any faster

HARRISBURG – Following House passage of Senate Bill 1, the Pennsylvania State Council of the Service Employees International Union (SEIU) issued the following statement.

“The facts are clear. According to a new actuarial note from PERC, Senate Bill 1 cuts retirement security for current workers and new hires – new hires by a staggering 70 percent – but does nothing to pay down the pension debt any faster than Act 120 or help balance the current budget

“To make matters worse, new employees will be “subsidizing” the system rather than contributing toward their own retirement security

“Nurses, custodians, social workers and thousands of other public employees pay 6-7.5 percent of every paycheck toward their retirement, and never missed a payment. They should not be punished for the mistakes of past lawmakers who failed to make the Commonwealth’s required pension payments

“It’s time for Republican leaders to stop using public servants as a bargaining chip, and come to the table to pass a budget that works for working people.”

 

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