Monday, March 30, 2009

Legislation Proposes Change In County Pension Fund

State Representative Matt Smith has proposed legislation that would change how Allegheny County calculates pension payments. The proposed legislation would eliminate overtime pay when retirement benefits are calculated. This change would be in effect only for new employees of the county who are hired after the bill becomes law. The legislation projects savings of up to $18 million for the county and $18 million in matching member contributions. The legislation would take effect only in Allegheny county but Smith says that if it is successful he hopes that it could serve as a model for other pension programs throughout the state.

No comments: