Dear ACEs, Apparently the NSA isn’t the only one reading our emails. Last week I told you that Gov. Corbett’s pension plan hadn’t even been scheduled for a vote in committee. No sooner did my email reach you than rumors began to circulate that the Governor’s plan would be, you guessed it, scheduled for a vote in committee. Senate sources tell us that next Wednesday, June 19, the Senate Finance Committee will consider a stripped down version of SB 922 that would place “new” employees into a 401k type plan. There are many problems with this legislation, but here are the three biggest: 1. It impacts all of us. The proposal will take away funding from PSERS and destabilize your pension fund. That means your retirement security is at risk, even if you are no longer an active member; 2. It costs more. Independent actuarial experts say this plan will cost taxpayers nearly $38 billion dollars. That’s not a typo. I really meant billion, with a b; and, 3. The devil is in the details. Under this proposal, “new” employee could mean many things. If you switch buildings, you could be a “new” employee. If you take a year off for maternity or paternity leave, you could be a “new” employee. If you move districts you could be a “new” employee. The wording is so vague that you may even be considered a “new” employee if you sign a new contract. Make no mistake, this is a backdoor 401k-type plan for all employees. SB 922 still faces a tremendous uphill climb, but we need to show the legislature that we take any threat to our retirement security seriously. Please, call or email your legislators and ask them to oppose any plan that places “new” employees in a 401(k)-type system. Thank you Dan Report your contact at psea.org/ACES/ This content is intended for use by PSEA members and their immediate families. "PSEA E-mail Firewall" annotation on Fri Jun 14 2013 08:20:26 --------------------------------------------------------------------- NOTICE: Only the individual sender is responsible for the content of the message, and the message does not necessarily reflect the position or policy of the Pennsylvania State Education Association. ---------------------------------------------------------------------
Posted on: Fri, 14 Jun 2013 15:32:41 +0000
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