HARRISBURG – The House on Tuesday voted on concurrence legislation by Rep. Lou Schmitt (R-Blair) to reform and secure Pennsylvania’s pension systems. House Bill 1961 now goes to the governor for his signature.
“The General Assembly took great strides to improve the state’s two retirement systems while keeping promises made to retirees and existing employees,” Schmitt said. “My bill builds upon that by ensuring investments are achieving the best returns possible.”
Schmitt’s House Bill 1961
would require the State Employees’ Retirement System (SERS) to prepare a report on its investment performance data for the period of July 1 through June 30 of each year. This report will be in addition to any other reports SERS currently prepares. The Public School Employees’ Retirement System (PSERS) currently prepares investment performance data on the same basis.
The legislation provides policymakers, pension plan members and beneficiaries, and the public the opportunity to better compare investment performance between the two statewide pension systems and other retirement systems across the country.
At start of the session, a law took effect that saw all new employees moved to a 401(k)-style retirement plan. In addition, the General Assembly has worked diligently toward paying off its pension unfunded liability and has been fully funding the pension funds annually.
Representative Lou Schmitt
79th Legislative District
Pennsylvania House of Representatives
Media Contact: Greg Gross