Representative John McGinnis
79th Legislative District
Pennsylvania House of Representatives
Media Contact: Andy Briggs
717.260.6474
abriggs@pahousegop.com
RepMcGinnis.com / Facebook.com/RepMcGinnis
FOR IMMEDIATE RELEASE
May 7, 2015
McGinnis to Unveil Pension Reform Bill
News conference scheduled for May 12
HARRISBURG – Rep. John McGinnis (R-Blair) is sponsoring legislation that would eliminate Pennsylvania’s public pension debt over 20 years with level dollar funding. House Bill 900 will be introduced and discussed at a news conference McGinnis has scheduled for Tuesday, May 12, at noon in the Capitol Media Center.
The combined unfunded liability of the State Employees’ Retirement System (SERS) and the Public School Employees’ Retirement System (PSERS) currently totals more than $53 billion.
“The funding schedule created by House Bill 900 is consistent with the 2014 Blue Ribbon Panel on Public Pension Funding commissioned by the Society of Actuaries,” said McGinnis. “We are on a path to a future financial catastrophe because of the severe underfunding of our state pension systems. Before we spend one dollar on new spending items, we must address expenses not paid for in the past. It is not only a moral imperative at this point, but a major economic one too, as the future of Pennsylvania is on the line.”
McGinnis will be joined at the news conference by various interested parties from across the political spectrum including Rep. Stephen Bloom (R-Cumberland), a PSERS board of trustees member; Eric Epstein, Rock the Capital; and Barry Shutt, retired state employee and activist.
McGinnis noted that his bill has both Democrat and Republican co-sponsors.
“This is a vital issue for the future of the Commonwealth and it certainly transcends party and ideological lines,” he added. “One thing all of us should agree to is that the pension debt is unacceptable and needs to be paid down in a timely and adequate manner. House Bill 900 will assure that approach.”
The news conference will also be streamed live on McGinnis’ website, RepMcGinnis.com.