HARRISBURG – A bill has been introduced which would pay down the unfunded liabilities in the state and school employees’ pensions systems using state surplus funds. Bill sponsor, Montgomery County Rep. Joe Ciresi says the Public School Employees’ Retirement System (PSERS) and the Pennsylvania State Employees’ Retirement System (SERS) generate billions of dollars for the economy every year. In 2020 for example, PSERS and SERS supported about 55,000 jobs and provided about $1.2 billion in state tax revenue. Ciresi says local taxpayers and school districts are required to pay down the pension systems’ unfunded liabilities. House Bill 1137 would use state surplus funds to reduce the unfunded liabilities. The Rainy Day Fund would pay $670 million to PSERS and $330 million to SERS. Recent data from the Department of Revenue has shown that state revenues for the 2022-23 fiscal year have come in $1.2 billion ahead of estimates. The bill is before the PA House State Government Committee.
REP. JOE CIRESI