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Tobash and Kampf Cite Urgency, Rally Support for Hybrid Pension Plan
6/4/2014
HARRISBURG – State Reps. Mike Tobash (R-Schuylkill/Berks) and Warren Kampf (R-Chester/Montgomery) joined with individuals from the education and business communities at a press conference in Harrisburg today to explain some important details of the proposed hybrid pension plan which aims to stop the bleeding from within Pennsylvania’s current public pension systems.

“The cost of doing nothing grows larger every day this issue is left unaddressed,” Tobash said. “This proposed hybrid plan addresses ‘step one’ in reforming Pennsylvania’s public pension crisis. It is a proactive, commonsense approach which creates long-term savings and shifts the risk from taxpayers.”

“By having a 401(k)-type element in this plan, we would shift half the risk away from the taxpayer over 30 years,” said Kampf. “This is good news for school boards, the Commonwealth and its taxpayers when it comes to budgeting.”

This plan would be established for NEW employees entering the pension systems, and would not change benefits for existing participants or retirees. This plan establishes that all new employees who enter the state systems would be enrolled in a combination of 401(k)-type and traditional pension plan. In doing so, this plan is estimated to save between $11 billion and $15 billion over a 30-year projection period.

Tobash and Kampf were joined by House Majority Leader Mike Turzai (R-Allegheny); Dr. Kendy Hinkel, superintendent, Pine Grove School District; Joseph Muldowney, middle school social studies teacher, Blue Mountain School District; and Kim Barone, a recent college graduate with an education-related degree; who all spoke in favor of the hybrid plan.

“Our experience in Allegheny County has proven that pension reform is attainable,” said Turzai. “We have to shut off the spigot, and this plan does that and more. Pennsylvania must act now to protect the taxpayers, retired and active public employees – now and into the future.”

Additionally, several other Republican House members and representatives from the Pennsylvania Chamber of Business and Industry, the Pennsylvania Manufacturers Association, the National Federation of Independent Businesses, and the Pennsylvania Business Council stood in support of this proposal at the press conference.

An overview of the hybrid pension plan, including details on the defined benefit and defined contribution aspects, can be found online at www.RepTobash.com.

Representative Mike Tobash
125th District
Pennsylvania House of Representatives

Media Contact: Krisinda Corbin
717.705.2032 – kcorbin@pahousegop.com  
RepTobash.com / Facebook.com/RepTobash
Representative Warren Kampf
157th District
Pennsylvania House of Representatives

Media Contact: David Foster
267.207.0207 – dfoster@pahousegop.com  
RepKampf.com / Facebook.com/RepKampf

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