February 2, 2012 | Commentary by RICHARD DREYFUSS

Will our Grandchildren be Budget Losers?

As the Governor's state budget address approaches, there is no shortage of speculation surrounding various fiscal austerity proposals and which departments and programs will likely be the ultimate budgetary "winners and losers."

June 15, 2011 | Commentary by RICHARD DREYFUSS

Not Paying Pension Bills Hurts our Grandkids

Politicians last year passed their version of pension reform by deferring existing unfunded liabilities, making them even more unaffordable. The situation was so severe that they felt compelled to include a legislative provision that effectively capped contributions for several years despite repeated and significant concerns raised by independent actuaries that such a move would only further shortchange already underfunded plans.

June 21, 2010 | Commentary by RICHARD DREYFUSS

$27 Billion Pension "Reform": Still Doubling Down on Generational Theft

An Update on HB 2497

On June 16, the PA House passed pension "non-reform" by further deferring the scheduled taxpayers' contributions to the state's largest government pension plans - the Public School Employees Retirement System (PSERS) and State Employees Retirement System (SERS).  They also created a new reduced defined benefit plan for new hires. The net cost of this reform with interest is still a breathtaking $27 billion.  Since the prior version of the bill was an incremental $52 billion - by some scorecards this bill should be considered only half as bad.

June 15, 2010 | Commentary by RICHARD DREYFUSS

Rendell's $52 Billion Pension "Reform"

Doubling down on generational theft

Gov. Rendell and the Democrat-controlled House are trying to redefine pension "reform" by further deferring the scheduled taxpayers' contributions to the state's largest government pension plans - the Public School Employees Retirement System (PSERS) and State Employees Retirement System (SERS).  The cost of this reform with interest is a breathtaking $52 billion.

October 14, 2009 | Commentary by RICHARD DREYFUSS

Punishing the Next Generation: The Rendell Pension Legacy

As the Rendell administration moves inexorably toward its finish line in January 2011, it is reasonable to begin considering the issues awaiting the next governor. Of significant note is Rendell's inability to enact comprehensive and sustainable reforms of public pensions and retiree medical plans. Obviously, the General Assembly is inextricably linked to any reform efforts-or lack thereof.

September 11, 2009 | Commentary by MATTHEW BROUILLETTE, RICHARD DREYFUSS

Philly Pension "Reform": A Vote to Raise Taxes Now and in the Future

The state budget impasse hinges on the inability of Governor Rendell and the House Democrat Majority to garner enough votes for state tax increases.  Yet for now it seems enough state legislators have agreed to raise taxes on Philadelphia residents, businesses and visitors.

April 6, 2009 | Policy Brief by RICHARD DREYFUSS

A Tale of Three Cities: Pennsylvania's Retiree and Medical Liability Challenges

Pennsylvania maintains over 3,000 public pension plans at the state, city and municipal levels, the most of any state and approximately 25% of all such plans in America.  Over 2,200 of these plans are of the often financially and politically problematic “defined-benefit” genre.  According to the Pennsylvania Public Employee Retirement Commission (PERC), over 67 percent of these plans have fewer than 10 members.

March 31, 2009 | Commentary by RICHARD DREYFUSS

Philadelphia's "Pension Reform" is Generational Theft

Faced with significant budget deficits and the burden of ever-increasing pension contributions, Philadelphia is attempting to finesse itself out of a financial dilemma.

In simple terms, the city cannot afford its long-term pension commitments. Its proposed remedy is to lobby for changes in the state pension code that would allow it to further transfer these costs to future generations.

June 24, 2008 | Commentary by RICHARD DREYFUSS

The State's Rosy Scenarios

We live in uncertain times. This maxim is often heard in the corridors of the state Capitol where Excel spreadsheets support the marketing of new initiatives based on long-term financial assumptions. While the time horizon for many state officials is that of the upcoming state budget, others are focused on analyzing the next 30-plus years with an unabashed sense of confidence.

May 20, 2008 | Commentary by RICHARD DREYFUSS

No Extra Money in the Fund

"There is no extra money in the fund" for a pension Cost Of Living Adjustment (COLA). That’s the analysis from the State Employees' Retirement System (SERS), not the Commonwealth Foundation or any other organization opposing the proposed $10.4 billion pension COLA increase. Given that Public School Employees’ Retirement System (PSERS) financials are less favorable than SERS, one could just as easily attribute the quote to PSERS.