Most lawmakers pick traditional pension plan, not new option
HARRISBURG, Pa. (AP) — The vast majority of Pennsylvania state lawmakers are choosing a traditional pension benefit for themselves after passing legislation that ended that option for most newly hired employees in public schools and state government.
Pennlive.com reported Monday that just 20 of the 218 lawmakers who participated in the state pension system as of April 1 chose a 401(k)-style plan option.
The other 198, including 43 freshmen, chose the traditional pension plan. Thirty-two House and Senate members were listed as not participating.
Under the 2017 law , the overhaul of pension benefits took effect this year for new state employees. It’ll take effect July 1 for new school employees.
Just 70 of 103,000 state government employees already in the traditional pension plan switched to a plan with a 401(k)-style benefit option.
Information from: Pennlive.com, http://www.pennlive.com