Rep. Stephen Bloom to host town hall forum on pension reform
Schuylkill County Republican Rep. Mike Tobash, author of the leading pension reform plan, will be coming to Cumberland County this week for a town hall forum to discuss his proposal to address the commonwealth's $50 billion unfunded liability.
Rep. Stephen Bloom, R-Cumberland, will host the meeting at 7 p.m. Thursday at the Middlesex Township Building on North Middlesex Road.
The Tobash proposal, which Gov. Tom Corbett favors, would enroll new state employees and public school workers in a “hybrid” retirement plan. The first $50,000 of an employee’s salary and first 25 years of service would be covered by a defined-benefit plan, like the current system. That threshold would rise by 1 percent each year.
A 401(K)-style plan would cover the other portions of employees’ salary and service above that threshold.
The state House is expected to consider the Tobash plan when it returns from summer recess in September. Another proposal from Cumberland County Rep. Glen Grell, which includes borrowing to help cover years of underfunding, has also been gaining traction.
The governor, who is in a tough re-election race with York County businessman Tom Wolf, pushed for legislative action on pensions during the 2014-15 budget negotiations.
Corbett has been touring the commonwealth this summer to discuss the need for reform.
Bloom is asking anyone interested in attending the pension reform meeting Thursday to RSVP by Wednesday. More information is available on his website or by calling 717-249-1990.