Global credit rating agency Standard & Poor’s released a statement last week seemingly devaluing the impact of Pennsylvania’s new pension reform law, saying the measure’s effects on the state’s budget and credit are “negligible.”
The state House of Representatives Thursday morning accomplished something it has been trying to do for several years which, during that time, involved some notable failures: pass a pension bill.
Pennsylvania’s two major public pension systems are in for a real shake-up under the legislation that the Legislature is expected to send Gov. Tom Wolf by the end of this week.
The General Assembly’s two chambers appear to be hot to get a pension bill across the finish line as soon as they can.
Gov. Tom Wolf spoke briefly Tuesday about the pension bill moving toward his desk this week, calling it a “significant start” on what has become one of Pennsylvania’s worst political catastrophes.
One of the oddities of this week’s public employee pensions debate is how so many of the state’s major public sector unions are sitting it out.