Pensions

Not What the Doctor Ordered on Pensions

Posted by Stephen Herzenberg on May 20, 2013 10:37 am
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I wanted to share my op-ed in today's Philadelphia Inquirer examining the added costs and other problems in Governor Corbett's public pension proposal:

In public policy, as in medicine, a guiding principle should be "first, do no harm." In other words, don't make the problem worse.

Unfortunately, Gov. Corbett's plan to radically restructure Pennsylvania's public pension system does serious harm to taxpayers, driving up the public cost of retirement benefits for years to come. It harms Pennsylvania's teachers, nurses, emergency responders, and other public servants by undermining their retirement benefits without saving a dime. And it harms efforts by Pennsylvania schools and other public employers to attract and retain high-quality employees.

Third and State This Week: PA Jobs Update, House Budget Bill Coming, Expanding Medicaid and More

This week at Third and State, we updated you on the latest Pennsylvania jobs numbers, asked whether a House budget bill to be introduced on May 28 will include new cuts, explained how a loophole bill does not get the job done, highlighted an editorial raising concerns about the Governor's pension proposal, and shared resources from a webinar on expanding Medicaid coverage in Pennsylvania.

IN CASE YOU MISSED IT:

  • On jobs and the economy, Mark Price has an update on the Pennsylvania jobs report released Friday.
  • On state budget and taxes, Chris Lilienthal blogged that as Pennsylvania House leaders plan to introduce a 2013-14 budget bill, some in Harrisburg are looking at a delay in the phaseout of the capital stock and franchise tax to help close a budget gap. Michael Wood blogged that a recently-passed House bill to close corporate tax loopholes would fall far short of its goal and aggravate the state’s financial problems.
  • On the Marcellus Shale, Chris Lilienthal blogged about an Associated Press story highlighting just how much Pennsylvania is giving up over time by enacting a very low Marcellus Shale impact fee.
  • On public pensions, Jamar Thrasher blogged about a Philadelphia Inquirer editorial raising concerns about Governor Corbett's pension plan.
  • Finally, we shared a video of a webinar hosted by the Pennsylvania Budget and Policy Center on making the Medicaid expansion a reality in Pennsylvania.

IN OTHER NEWS:

MARK YOUR CALENDAR:

  • Join the Pennsylvania Budget and Policy Center on Tuesday, May 28 from 4 to 5 p.m. for a webinar on education funding in Pennsylvania. Learn more and register to participate.
  • Join the Keystone Research Center and Pennsylvania Budget and Policy Center on Thursday, June 13 for our Annual Awards Dinner at the Hilton Harrisburg. Learn more and purchase tickets.

Must Read: Inquirer Takes on Governor's Pension Plan

Posted by Jamar Thrasher on May 16, 2013 1:06 pm
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The Philadelphia Inquirer has an editorial today raising many of the same concerns about Governor Tom Corbett's pension proposal as we have at the Keystone Research Center.

Third and State This Week: Revenue Update, Assessing PA Job Growth, Expanding Health Care, Pensions Webinar & More

This week at Third and State, we blogged about a new Independent Fiscal Office report showing state revenues lagging earlier estimates, a study on salaries at nonprofit and for-profit human service providers, the budget and economic benefits of expanding Medicaid health coverage, a webinar on the public pensions debate, and job growth in Pennsylvania.

IN CASE YOU MISSED IT:

  • On state budget and tax policy, Michael Wood blogged about a new report from the Independent Fiscal Office forecasting over $500 million less available for the next budget than revenue estimates in the Governor’s February budget proposal. Sharon Ward wrote about a new Legislative Budget and Finance Committee study of the salaries of nonprofit and for-profit human service providers.
  • On jobs and the economy, Mark Price wrote that policy decisions made by governors impact whether a state’s economy takes on more water, or bails successfully, as it rides the wave of the national economy.
  • On health care, Chris Lilienthal blogged about two studies demonstrating that Pennsylvania’s economy and state budget will get a big boost if the commonwealth accepts federal funding allocated to expand Medicaid health coverage.
  • Finally, we shared a webinar hosted this week by the Pennsylvania Budget and Policy Center titled "Untangling Pennsylvania's Pension Reform Debate."

IN OTHER NEWS:

ADDITIONAL RESOURCES:

Watch Webinar to Untangle PA's Pension Reform Debate

Posted by Third and State on May 2, 2013 7:19 pm
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Everywhere you turn, you hear about the public pension debate unfolding in Pennsylvania, but what is it all about? How did we get where we are? What are the proposals under discussion in Harrisburg and how do you interpret them? In this webinar, hosted by the Pennsylvania Budget and Policy Center on April 30, pension experts broke it all down, explaining what is fact and what is fiction in the pension debate.

Governor's Pension Plan Has Serious Case of 'Pension Deficit Disorder'

Posted by Stephen Herzenberg on April 19, 2013 11:56 am
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Governor Tom Corbett's plan to radically restructure public pensions will increase Pennsylvania's pension debt by nearly $5 billion between now and 2019. How does it worsen Pennsylvania's public pension debt? By lowering state and school district contributions to pensions during that time period.

Third and State This Week: Talking State Budget, February Jobs, Pension Primers, and Income Inequality

This week at Third and State, we shared a podcast on the Governor's state budget proposal and the latest "pension primer" from the Keystone Research Center. We also blogged about the February jobs report, income inequality, a court ruling with implications for state health care funding, and more.

IN CASE YOU MISSED IT:

  • On state budget and taxes, Michael Wood wrote about General Fund revenue collections missing estimate in February. Sharon Ward shared a podcast from her sit down with Triad Strategies where she discussed the governor's state budget proposal and the opportunity to expand Medicaid in Pennsylvania.
  • On jobs and the economy, Chris Lilienthal rounded up the insights of leading national economists on the U.S. jobs report for February. Nonfarm payrolls in February increased by 236,000 jobs, and the unemployment rate fell to 7.7%.
  • On pensions, Stephen Herzenberg shared the Keystone Research Center's latest "pension primer," which focused on how a 2010 law significantly reduced state pension costs going forward.
  • Mark Price shared his op-ed on how we can break the back of rising income inequality in the U.S., published this week in The Guardian.
  • On health care, Chris Lilienthal blogged about a court ruling finding that the diversion of tobacco settlement funds away from health care violated the state constitution.

IN OTHER NEWS:

  • Check out the first three installments in the Keystone Research Center's new series of state pension primers intended to help demystify the often complex details at the heart of the pension debate.
  • Read the Pennsylvania Budget and Policy Center's latest State Revenue Tracker.
  • Check out PBPC's Medicaid Expansion Resource Page, with more information on the federal opportunity to expand state coverage and how you can take action.
  • And view PBPC's Education Facts Page with data on student enrollment, education funding, and school poverty.

More blog posts next week. Keep us bookmarked and join the conversation!

Pension Reforms in 2010 Achieved Major Long-Term Savings

Posted by Stephen Herzenberg on March 7, 2013 11:53 am
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Pennsylvania policymakers made significant progress reducing the cost of state pensions with a 2010 law that cut the benefits of future employees, enacted new employee “risk sharing” to protect taxpayers in future economic downturns, and maintained public employee contribution levels that are higher than in most other states.

Third and State This Week: Sequestration's Impact on PA, State Pension Primers and Medicaid Expansion

This week at Third and State, we blogged about the impact of federal sequestration cuts on Pennsylvania, how the Governor's pension plan is digging a deeper hole for taxpayers, and New Jersey joining a growing list of states to embrace the expansion of Medicaid under the Affordable Care Act.

IN CASE YOU MISSED IT:

  • On federal budget and taxes, Chris Lilienthal wrote about the direct, disastrous impact federal sequestration cuts will have on Pennsylvania families, children and the economy.
  • On state pensions, Stephen Herzenberg blogged about a new series of "pension primers" from the Keystone Research Center, including the first two installments in that series detailing how the Governor's pension proposal is digging a deeper hole for taxpayers.
  • On health care, Chris Lilienthal blogged about New Jersey Governor Chris Christie's decision to join a growing bipartisan group of governors embracing the opportunity to expand Medicaid health coverage under the Affordable Care Act.

IN OTHER NEWS: 

  • Check out the first two installments in the Keystone Research Center's new series of state pension primers intended to help demystify the often complex details at the heart of the pension debate.
  • The Pennsylvania Budget and Policy Center has more on the impact of sequestration cuts on the commonwealth.
  • And check out PBPC's Medicaid Expansion Resource Page, with more information on the federal opportunity to expand state coverage and how you can take action.

More blog posts next week. Keep us bookmarked and join the conversation!

Governor's Plan Digs a Deeper Pension Hole

Posted by Stephen Herzenberg on February 27, 2013 1:24 pm
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The high cost of meeting current pension obligations is often cited as the main reason Pennsylvania needs a substantial overhaul of its pensions system. So it is a little puzzling that Governor Tom Corbett has put forth a plan that will actually increase pension costs for the state, school districts, and ultimately taxpayers.

That is the finding of the first two in a series of pension primers the Keystone Research Center released this week. So how exactly does this plan drive up costs?

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