HARRISBURG – Senator Scott Wagner (R-York) released the following statement in response to his negative vote on Senate Bill 1:
“Pennsylvania is facing more than $60 billion in pension liabilities and today’s move is only a half-step to fixing the problem.
“Last session, I supported Senate Bill 1, which would have required all employees, legislators and other elected officials to enroll in a 401(k) defined contribution plan. That bill cleared both the Senate and House but was ultimately vetoed by Governor Wolf on July 9, 2015. As each year passes, the unfunded pension liability gets worse and the burden on taxpayers grows.
“The legislature should lead by example and require all elected officials upon re-election or election to enroll in a 401(k) style plan, which this bill does not. Today’s vote repeats the mistakes of old by exempting legislators, bowing to the special interests in Harrisburg while leaving taxpayers holding the bag.
“Last month, Auditor General DePasquale released a report showing PSERS had a dismal 1.29 percent return on investments while paying out over $400 million in investment management fees in 2016. The real solution is to put all new employees, legislators and other elected officials into a 401(k) – anything short of that continues to place the risk on the backs of taxpayers.”
CONTACT: Erin K. Marsicano, 717-787-3817, firstname.lastname@example.org