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Frank Dermody

Pennsylvania lawmakers approve public pension plan bill

Pennsylvania lawmakers approved legislation Thursday that will cut retirement benefits for future hires in public schools and state government as part of a package of changes designed to slash risk and reap modest long-term savings from the state's deeply indebted public-sector pension systems.

The state House voted 143-53 to send the landmark pension overhaul bill to Democratic Gov. Tom Wolf, who plans to sign it Monday.

The cost of the two multibillion-dollar public pension systems has become a significant drag on state government finances and is widely blamed for driving up property taxes that largely fund public education in Pennsylvania.

The legislation won't...

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