HARRISBURG, Pa., Sept. 30, 2013 /PRNewswire-USNewswire/ -- Pennsylvania AFL-CIO President Rick Bloomingdale and Secretary-Treasurer Frank Snyder issued the following statement in response to Representative Glen Grell's proposal for Pennsylvania's public pension systems.
"While Rep. Grell's proposal is a step away from the dangerous 401(k)-type proposals that could cost Pennsylvania taxpayers another $40 billion over the next 30 years, there are still many unanswered questions behind these little-vetted cash balance plans. We welcome Representative Grell to the pension discussion and look forward to providing him with our detailed input once a piece of legislation is actually introduced," said President Bloomingdale.
Said Secretary-Treasurer Snyder, "Cash balance plans might seem like a compromise at face value, but the devil is in the details. Rep. Grell's plan for new employees could increase long-term pension costs for the state, while the cuts to the modest benefits for teachers, nurses, and other public employees could have devastating consequences for future retirees."
"We will continue to review the details of the Grell plan and urge the legislature to move in a direction that's responsible for taxpayers, public employees, and retirees. So far, none of the bills introduced on this issue meet those qualifications," President Bloomingdale added.
Contact: James Deegan (717) 231-2867
SOURCE Pennsylvania AFL-CIO