Pennsylvania Governor Signs Pension Reform Bill

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Pennsylvania Governor Signs Pension Reform Bill
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Nov. 29, 2010

Excerpt: The bill (House Bill 2497, now known as Act 120 of 2010), essentially rolls back pension enhancements approved in 2001. It increases from five to 10 years the time it takes for newly hired employees to become vested and delays the retirement age to 65 from 60 for state employees and 62 for school employees. It rolls back the multiplier used to calculate pension benefits to 2% from 2.5%, according to PennLive.com.

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