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Bucco: Pension System Needs Major Overhaul
By mpealSenator Anthony Bucco, (R-25), issued the following statement today in response to remarks by the State Treasurer and Director of Pension and Benefits at the Senate Budget hearing.
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         “The impending crisis facing the state pension systems requires immediate and decisive action to secure the retirement benefits for hundreds of thousands of dedicated public servants. We can no longer afford the luxury of delay,  fiscal health must be restored to the pension systems immediately.
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         The long-term solvency of the state pension funds are in jeopardy. The present deficit is enormous and only getting worse. The longer the state continues to engage in fiscally unorthodox and risky accounting practices the longer it will take to clean up the financial mess.
           Fixing the pension systems should be the top priority for the Governor and the Legislature. We simply can’t let retirees and their families down after years of committed service.â€?Â
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