Energy - June 9, 2017

Legislature approves pension reform bill

After several years of debate and negotiation, the House and Senate worked together pass a pension reform bill this week. The bill, SB 1, is a said to be a compromise between the four caucuses and the governor. Governor Tom Wolf has indicated that he will sign the bill. The measure offers three reform plans: a 401(k)-style defined contribution plan, a default side-by-side hybrid defined benefit-defined contribution plan, and an alternative side-by-side hybrid defined benefit-defined contribution plan. The changes will affect all new hires with some exceptions including State Police and other hazardous duty jobs. The new law will also apply to new judges and legislators that are elected or appointed after the July 1, 2019 effective date for SERS employees. PSERS employees will see a January 1, 2019 effective date. The bill isn’t a quick fix but the benefits of this reform will be seen in significant long term savings for the Commonwealth.

Powerball jackpot a top ten prize

If you’re less concerned about pensions and your retirement plan is to win the lottery, then this weekend would be a good time to buy a Powerball ticket. This weekend’s jackpot is the eighth largest prize ever. With $435 million up for grabs the lump sum payout would be $273.1 million before taxes. The next drawing is Saturday night with ticket sales continuing until one hour before the drawing.