Pennsylvania's Prison Predicament
Shortfalls in state-run retirement systems continue to grow, and in the 2012 fiscal year, the gap between promises to state workers and funding in the accounts reached $915 billion. Unfunded pension obligations can have significant implications for a state’s fiscal stability, including lower credit ratings, increased borrowing costs and the diversion of state resources away from other spending priorities like infrastructure and education.
Accounting for the State of Public Pensions
August 9, 2014
Presentation by Senator Pat Browne, Pennsylvania
Browne, who serves as Senate majority whip, is a board member of the Public Employee Retirement Commission and the Public School Employees’ Retirement System. He drafted key portions of Act 120 of 2010, which reformed Pennsylvania’s public pension systems.