Following up on a national study that questioned the soundness of the state’s pension system, Sen. Joe Pennacchio, (R-26), Pine Brook, a member of the Senate Budget and Appropriations Committee, reissued a call Tuesday for support of legislation he introduced to address the problem.
In the wake of the study by the Pew Center on the States, Pennacchio said that his bill, S2705, would fix structural problems of the pension system.
His bill, introduced in February, was referred to the Senate State Government, Wagering, Tourism & Historic Preservation Committee. “We are in this mess because not only did the state skip pension payments, but also that the benefits were unaffordable,” Pennacchio said in a release. “The system was set up to fail and additional poor choices only hastened its near collapse. There is plenty of blame to go around but the important thing is for everyone to support meaningful long-term reforms that are fair to both public employees and taxpayers.”
According to the language in his bill, the reforms, among other things, are intended to bring consistency to the area of disability retirement by making benefits uniform among pension plans, and eliminating a complicated benefit formula that has resulted in substantial litigation.