WGAL / AP: … [Gov. Tom] Corbett’s budget secretary, Charles Zogby, said Monday the administration is studying a “hybrid” concept that would save $7 billion over 30 years in pension benefits.
It would allow future state and public school employees to continue receiving a traditional pension benefit based, up to a maximum $50,000 salary. For the portion of salaries exceeding that, employees would receive a 4 percent contribution to a 401(k)-style plan.
Analysts say many public employees would still be fully covered by the traditional pension. But they say it’d eliminate the inflated pension benefit for highly paid public officials that can generate negative publicity… (more)
