PA Public Pension System Legislation
PENNSYLVANIA--[AP]--Gov. Tom Corbett is backing legislation to replace Pennsylvania's public pension system with a less costly hybrid system.
Corbett, whose attempts at pension reform last year failed to pass a legislative majority, has worked with the bill's sponsors behind the scenes for months.
The complex plan would apply to newly hired state and school employees starting next year.
It would combine the traditional defined-benefit plan with a 401(k)-style defined contribution plan.
Current employees would not be affected.