this year for the first time since 1981, Pennsylvania officials are mulling what to do about state and public school retirees’ demands for the first pension cost-of-living adjustments since 2004.
Left unstated by the retirees’ group, but all too familiar to state budget officials: After years of underfunding and, both plans have deficits running into the tens of billions of dollars, which lawmakers have been reluctant to increase by boosting retiree payouts. “The number of people who that have emailed my office since introducing the memos is astounding, all in support of it,” Muth said Monday, several hours after announcing the proposal. She joined the PSERS board last year and has often clashed with board leadership, which Muth has accused of excessive secrecy and an overly complex, expensive investment policy.to increase state and school pensions and reduce eligibility in 2001, and a scheduled increase took place two years later.
“There has been no COLA for 18 years, and yet the state plan, SERS, has managed with smoke and mirrors to continue paying higher pensions” to recent retirees, said Leo Burke Jr., a retired state social worker from Philadelphia and a past officer of the Pennsylvania Association of Retired State Employees.
But Stacey Connors, speaking on behalf of Sen. Patrick M. Browne, another PSERS trustee, said at that time that legislators lacked “an appetite to make any legislative changes.”
Source: Education Headlines (educationheadlines.net)
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