Hard numbers elusive on cost of Pa. pension switch

HARRISBURG, Pa. (AP) — A House committee today endorsed legislation to shift Pennsylvania’s major public pension systems to 401(k)-style plans for newly hired employees starting in 2015, a concept previously endorsed by a Senate panel, but the financial implications remained unclear.

A solidly Republican majority on the State Government Committee voted to push the legislation to the House floor over the objections of Democrats who said it was unfair to state workers and school employees.

Republicans said the new system would put Pennsylvania’s public pensions on equal footing with the majority of private-sector employees and provide more certainty about the state’s pension costs.