The Latest: Wolf supports new effort to overhaul pensions

HARRISBURG, Pa. (AP) - The Latest on public pension legislation in the Pennsylvania Legislature (all times local):

8:20 p.m.

Gov. Tom Wolf’s office says the Democrat supports legislation advancing in the Pennsylvania state Senate to overhaul retirement benefits for future state government and public school employees.

Wolf’s office said Sunday night he supports the bill’s goals of continuing to pay down the pension debt on the current schedule, reduce pension fund investment fees and shift investment risk away from taxpayers.

A Senate vote is expected Monday. The bill passed a first committee vote Sunday night on a near-party line basis, just hours after the legislation became public.

The bill would shrink the traditional pension benefit for future hires in Pennsylvania’s two big debt-saddled pension systems, and add a 401(k)-style benefit.

Actuaries say it wouldn’t reduce near-term pension obligations for the state and school districts, and long-term savings are minimal. Future state troopers and corrections officers are exempt, and current lawmakers and public employees can choose to join a new plan. Retirees are unaffected.

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7:50 p.m.

Pennsylvania’s state Senate is advancing legislation to overhaul retirement benefits for future state government and public school employees in hopes of getting it to Gov. Tom Wolf’s desk this week.

The bill passed a first committee vote Sunday night on a near-party line basis, just hours after the legislation became public.

Senate Republicans have tried unsuccessfully for four years to end or reduce the traditional pension benefit for future state and school employees in favor of a 401(k)-style benefit. The bill would create a hybrid plan that shrinks benefits for future hires in Pennsylvania’s two big debt-saddled pension systems.

Actuaries say it wouldn’t reduce near-term pension obligations for the state and school districts. Future state troopers and corrections officers are exempt, as are current lawmakers and public employees. Retirees are unaffected.

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Noon:

Pennsylvania’s state Senate is unveiling legislation to overhaul retirement benefits for future state government and public school employees in hopes of getting it to Gov. Tom Wolf’s desk this week.

A first committee vote scheduled for Sunday night comes hours after the legislation became public.

Pennsylvania’s two big pension systems face a roughly $60 billion projected debt. Senate Republicans have tried unsuccessfully for four years to end or reduce the traditional pension benefit for future state and school employees in favor of a 401(k)-style benefit. This bill would create a hybrid plan, and make the second pension overhaul in eight years.

Actuaries say it wouldn’t reduce near-term pension obligations for the state and school districts. Future state troopers and corrections officers are exempt, as are current lawmakers and public employees.