Rep. Lou Lang has filed a pension reform bil (HB 2375) that would re amortize the ramp to 50yr with an 80% target. Good News! He suggests extension of the 5% state income tax to be DEDICATED FUNDING for state pension debt. The extension would remain until actuaries declare pensions properly funded. In this plan, employees will be asked to agree to work until 67 for full pension benefits. Also, payroll contributions for employees would rise by 3%. For this consideration, the state will pass statutory ” Iron Clad ” funding requirement . No announcement about COLA .
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