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The war on pensions

March 18, 2013
Williamsport Sun-Gazette

Governor Corbett has made clear he is declaring war on the pensions of public employees. However, let's remember how this crisis was created. In 2000, the stock market was solid and the teacher pension fund was at about 125% of what was needed to keep the promise of current and future retirees' pension payments. So, the state and school districts decided to take a gamble and stopped paying into the fund. Teachers never stopped or reduced their amount paid. The handwriting was on the wall. The stock market crashed and now there is crisis.



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