State Treasurer Rob McCord fell short in his bid to be the Democratic nominee for governor, but he hasn't retreated from the public debate in Harrisburg. In an essay in the Philadelphia Inquirer, the second-term treasurer warns against a pension overhaul proposal that's been embraced by the Corbett administration in the context of the current budget debate.
"The bill, which is authored by Rep. Mike Tobash (R., Schuylkill) and championed by Gov. Corbett, would affect only the pension benefits of new employees, not the benefits promised to retirees and current employees. The confusing proposal would do little to reduce our unfunded pension liability and nothing to address the next fiscal year's looming deficit,'' Mr. McCiord argues. "Yet, if passsed, it would weaken the retirement security of thousands of Pennsylvanians and harm our state's economy. The real "benefit" of the plan is that it would allow legislators to claim they "did something" about pensions.''