Friday, December 01, 2006

Defined Benefits

Tracie Mauriello of the Post-Gazette's Harrisburg Bureau has an article in today's paper with a good accompanying chart that shows the expected pension benefits for the local legislators who won't be returning to Harrisburg in January due to retirements and election defeats.

While it's good to know that the legislators are contributing to their pensions, it would be better if they were moved out of a defined-benefit pension system into individualized 401k plans -- so that they have a real-life appreciation for the dynamics of modern retirement planning facing most Pennsylvanians.

Fifty-three legislators from throughout PA won't be returning next year -- an incredibly high number for the modern General Assembly. It's not quite a clean sweep, but probably a step in the right direction.

For some new analysis of this from outside the state, check out these posts at and wonkette.

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