Sunday, August 1, 2021

Play

Educators' unions call for efforts to ensure in-person learning keeps students, teachers, families, and staff safe; and an update on hate crimes by state.

Play

Congress passes Capitol security funding; House Freedom Caucus members want Cheney, Kinzinger out of GOP conference; Schumer closes a deal to advance $3.5 trillion reconciliation package; and a new report says investor-owned utilities try to block rooftop solar.

Report: Pensions Pump Up Local Economies in PA

Play

Wednesday, June 12, 2013   

HARRISBURG, Pa. - As Gov. Tom Corbett proposes a plan to reduce pension payments to state workers, a new report says pension income for individuals means billions of dollars to regional and local economies in Pennsylvania.

The study comes from the Keystone Research Center. Its executive director, Steve Herzenberg, said it shows that retired teachers and first responders use their pension payments to shop at stores, eat at restaurants and receive care at assisted-living centers.

"Pennsylvania's two main statewide retirement plans paid out $7.6 billion to Pennsylvania residents in 2012," he said, "and supported over $13 billion in economic activity."

Corbett wants to transition new state workers into 401(k) and other individual retirement accounts. If the bill for the state and school employees' pension systems' came due, the governor said, it's a $45 billion unfunded liability that would cost every household in the state thousands of dollars.

Herzenberg countered that any plan that undermines retirement security isn't the kind of pension reform that most Pennsylvanians are looking for. He said the KRC study shows that the Corbett plan would hit many communities in the state hard, especially those in rural areas.

"Because pension benefits are particularly important where other sources of income have flat-lined in recent decades," he said. "So, (in) just over half of Pennsylvania counties, most of them rural, pension benefits account for more than 2 percent of income."

Herzenberg acknowledged that shoring up pension plans in Pennsylvania won't be an overnight job, but said he believes it's worth the investment, and that a good plan is one of the costs of doing business.

"We need to grow the economy, stop giving away money we can't afford for corporate tax cuts that don't actually strengthen the economy, and make the pension contributions that are needed to have good employees," he said. "Those are the basic steps we need to take."

The full report is online at keystoneresearch.org.


get more stories like this via email

In addition to roof repairs and other home improvements to lower utility bills, a Michigan League for Public Policy report recommends expanding utility-shutoff protections to include households with young children. (Adobe Stock)

Environment

LANSING, Mich. - High utility costs are a major burden for Michigan's low-income residents, and a new study says they have an impact on their health…


Environment

TALLAHASSEE, Fla. - A new report shows an effort by investor-owned utilities in the Sunshine State to block the growth of rooftop solar. The …

Health and Wellness

By Troy Pierson / Broadcast version by Mary Schuermann reporting for the Kent State-Ohio News Connection Collaboration. As marijuana becomes more …


Across the United States, 46 states have laws allowing for harsher punishment for crimes based on bias. (Ludk/Adobe Stock)

Social Issues

SALT LAKE CITY - With rising numbers of people targeted in hate crimes and related violence, a new report analyzes the hate-crime laws in each state…

Social Issues

BOSTON - Educators' unions are calling on the state to support their efforts to ensure in-person learning in the fall keeps students, teachers…

According to AARP Connecticut, 47% of family caregivers have had at least one financial setback, such as having less money for retirement or savings, or cutting back on their own healthcare spending. (Adobe Stock)

Social Issues

HARTFORD, Conn. - In Connecticut, more than 460,000 people care for close friends or family members who can't manage on their own - and their …

Social Issues

ALBUQUERQUE, N.M. - Millions of Americans soon could find eviction notices on their front doors, but New Mexico renters will not be among them - as …

Health and Wellness

CONCORD, N.H. - New Hampshire advocates for affordable healthcare access want Congress to lower prescription costs by allowing Medicare to negotiate …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member and audience-supported news source since 1996 Copyright 2021