Legislation to reform pension systems heads to Wolf

Legislation aiming to reform and secure the state’s pension systems is now headed to Gov. Tom Wolf’s desk for signature.

House Bill 1961 would require the State Employees’ Retirement System (SERS) to prepare an annual report on its investment performance data from July 1 through June 30. The report would be required in addition to any other reports SERS currently prepares.

The Public School Employees’ Retirement System already prepares investment performance data on the same basis.

The bill’s purpose is to provide the public, pension plan members and beneficiaries, and lawmakers with an opportunity to compare the investment performance of the two statewide pension systems and compare the programs to other retirement systems nationwide.

The House of Representatives voted Oct. 20 on the legislation that amends Title 71 of the Pennsylvania Consolidated Statutes.

“The General Assembly took great strides to improve the state’s two retirement systems while keeping promises made to retirees and existing employees,” Rep. Lou Schmitt (R-Blair), who introduced the bill, said. “My bill builds upon that by ensuring investments are achieving the best returns possible.”

Since the start of the Congressional session, all new state employees are part of a 401(k)-style retirement plan.