Act 120 of 2010 Nov 23 HB 2497 Education and State Government

Union Pension Bailout Kicking the Can Down the Road Generational Theft NOVEMBER 1, 2010 Policy Points by COMMONWEALTH FOUNDATION

This is the infamous kick the tax can down the road Union Pension Bailout Bill. The Fiscal Notes, blatantly, and, infuriatingly, describe these as savings. They are not. This bill defers payment of contributions and adds interest costs. The General Assembly and Governor have failed, disgracefully, to address this pension issue. The Fiscal Notes are inaccurate and disingenuous. These are savings only if you consider not paying your bills or not paying your monthly mortgage payments as savings. Disgraceful manipulation of taxpayers perceptions. House Fiscal Note and Senate Fiscal Note score this as savings; this bill does not save money, it costs the young taxpayer and the next generation of taxpayers billions. Pension Reform General Fund $1.499 Billion in savings Other Funds $738.5 Million in savings