For Immediate Release
June 12, 2017
HARRISBURG - Pennsylvania Chamber of Business and Industry President and CEO Gene Barr issued the following statement regarding the passage and enactment of S.B. 1, pension reform legislation that implements a hybrid defined benefit/defined contribution plan for all new state and public school employees:
“We applaud the General Assembly and Gov. Wolf for working in a bipartisan manner to pass this much-needed, responsible pension reform measure. The reforms contained in S.B. 1 will help to secure the long-term stability of the state’s two main public pension systems going forward, while at the same time shifting much of the risk away from taxpayers. Additionally, the defined contribution aspect of the new plan recognizes the changing workplace dynamics of more frequent job changes and better protects workers in that regard. This plan better meets the needs of current and future generations of workers by being much more portable and flexible. It also goes a long way in reining in the unsustainable costs of the current pension systems, putting Pennsylvania on a more financially stable path going forward. This measure is a critical step in solving Pennsylvania’s pension crisis.”
The Pennsylvania Chamber of Business and Industry is the state's largest broad-based business association, with its statewide membership comprising businesses of all sizes and across all industry sectors. The PA Chamber is The Statewide Voice of BusinessTM.