More on the PA Pension "Spike"

A couple of editorials on the crisis in Pennsylvania's public pension crisis from the Daily Review and the Courier Express.  Both called for depoliticizing the plans by moving to a defined contribution retirement plan.

One note, the Daily Review remarks, "local school districts will face a whopping 29 percent contribution increase in 2012."  In fact, the employer contribution rate will be 28-29% of payroll - this represents an increase of over 500%.

Based on SERS and PSERS estimated employer contribution rates for 2012-13, and their payroll estimates from the most recent valuation reports, this increase translates to an increase of over $400 per Pennsylvania resident, or $1,600 per family of four.