H.R. 299: Studying Early Retirement Proposals
H.R. 299, P.N. 1893 (DALEY) – This resolution would direct the Legislative Budget and Finance Committee to perform a study of early retirement proposals.
This resolution cites a lack of study in this particular field. The Legislative Budget and Finance Committee is requested to analyze H.B. 130, P.N. 631 (2005), and H.B. 131, P.N. 632 (2005) as they both pertain to retirement enhancements for state employees and public school teachers.
posted by Comment on Pennsylvania Legislation @ 4:31 PM
18 comments
18 Comments:
It is time to move on this issue. ,,,,,,,two new ones for the price of an old one. All three will lend to the community/economy.
First of all the comparison of State Teachers to regular State Employees is apples to oranges. Granted, teachers can be harder to replace and certain areas may suffer from early retirements, but state employees such as liquor store could be easily replaced. Also, the study should take into perspective within the next 5 years how many people would be ready to retire anyway and that would still leave openings in the system, teachers or other state employees. Realistically, teachers should be separated from the bill and entered into their own entity. It would seem with the population age groups growing older and more employees becoming eligible for retirement, that younger employees would be entertained at this point to seek new employment and balance the equation.
I agree it is time to move on this issue since the last "early window" was in 1998-1999. For the 2006 season, that is 8 years since the beginning of the last window. Previously, the windows were fairly frequent. Could it be now that since windows were not offered in a regular basis, that too many retirees have backed up into the system?
But it is time to allow those employees of Pennsylvania to retire, as I am sure most of them would be close to the window within the next 3-5 years anyway and when those people retire, what is the state going to do then????
I agree that it is time for a 30 and out window. Especially since the PSERS pension fund is in better shape with a 15% increase this past year. Early retiring teachers will take less from the pension fund and open the door for the record # of teachers graduating from PA colleges.
I have been looking into the early retirement window in this H.R. 299 and found some info that the window makes sense when the state retirement fund does well on investments. I read that they made record returns on investments this past year (like 14.5% which is 3.5 BILLION GAIN in just one year) and have been for past 3 years. Offering the early retirement window takes these close to retirement employees off of the state budget and moves them to the retirement fund. This allows for creation of new jobs, at lower pays to save state budget and hire some young people that need jobs. Seems like a win-win for saving taxpayers money (which I like the sound of) and allowing some state workers to retire a few years earlier.
I agree that it is time to bring back the 30 and out. Pension funds have improved the last few years through investing and increased contributions to the fund. The teachers pension fund especially is more solvent with $54 billion and teachers should not be kept back if the state fund isn't in as good of shape. There is many younger and more technologically advanced teachers looking for jobs and moving out of state to get them.
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This analysis is long overdue. The legislation has been sitting and waiting since early 2005. This is a great opportunity to refresh the state workforce and reward long-term state employees. Let's move it ahead.
Wonder why PA is not invoking an early retirement package? The answer is simple - it makes sense. The illunstrious PA legislature has proven that common sense is not that common in the PA house and senate chambers.
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With teachers leaving due to attrition and not being replaced and class sizes rising this bill makes sense. It is importasnt to all of the young recent teaching graduates forced into a life of perpetual substituting. A contractual position allows us to practice what we have learned to do; teach. Our forte rests in understanding and utilizing new technologies in order to enhance our students educational experience. The outgoing older teachers will be pleased to see the state save money and pass on the baton.
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