The PSERS Crisis - Part II

Pennsylvania's House of Representatives approved HB 2497 on June 16, 2010. This bill, disguised as pension reform, adds $52 Billion Dollars of new and unsustainable debt to the state's already ill-fated pension system --- bringing the grand total of the PSERS Crisis alone to an astonishing $210 BILLION DOLLARS.

This legislation also includes an actuarial note by PERC (Public Employee Retirement Commission) that clearly shows that Pennsylvania will be burdened by significantly higher pension costs in later years that far outweigh the "savings" in the contribution rates of earlier years.

HB 2497 is one of the worst pieces of political non-sense in the history of the Commonwealth. And the hopes and dreams of all future generations are now hostage to this sense of entitlement and greed. This nightmare must end.

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• 2012
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