Update: A recent article that comments on where this unfunded came from:
Business leaders riled over state’s pension woes –> http://www.phillyburbs.com/
Financial sustainability, looking down the road and preparing for the future. You can’t continue to kick the can down the road…
Taxpayer contributions to pensions of state workers (SERS) and the state share for school district employees (PSERS) are projected to rise from $700 million this year to more than $4 billion by 2017, as the chart shows. That is a 500 percent increase.
Last year the NASD contribution to the pension fund (PSERS) was over a million dollars*. The red sections in the graph above shows how that amount will have to grow in the upcoming years.
*Source: NASD Audit Report: Fiscal Year Ending 6/30/10 – page 66
Source of graph and for more on PA budget go to:
The Commonwealth Foundation
There is no doubt about it, this is a real problem. I believe that what needs to be done is a roll back to the formula used prior to 2002 when percentage changes were made under the Ridge Administration to the pension fund that included not only teachers and others under the PSEA union flag but also the state legislators were bumped to a 50% increase. In times like this we all need to make a contribution to the saving of out nation. That would include yours truly because I am a retired, 1999, teacher under the pre-Ridge action.
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