Governor Wolf Vetoes Pension Reform Bill

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Governor Tom Wolf

HARRISBURG, PA. –Governor Tom Wolf vetoed Senate Bill 1, a GOP bill that would overhaul the state’s public pension system. The governor released the following statement:

“I understand the need for pension reform, but this legislation provides no immediate cost savings to taxpayers and does not maximize long-term savings for taxpayers. We need pension reform that works. There are provisions within this legislation, which as part of a comprehensive pension proposal I could support; however, Senate Bill 1 does not address the problems facing our pension system comprehensively and fairly.”

“The plan I delivered to the General Assembly would save at least $10 billion, while at the same time ensuring that the commonwealth will make all actuarially required contributions to fund our future pension obligations and reducing the burden placed on the commonwealth and school districts in the short term. Since my budget proposal I have found and shared an added $7 billion in savings, a total of $17 billion in savings to our retirement systems, which I have communicated to the General Assembly. Furthermore, the plan I proposed would reduce the over $700 million in fees paid annually to Wall Street firms to manage our investments, Senate Bill 1 does not address these excessive fees.”

Republican Party of Pennsylvania Communications Director Megan Sweeney issued the following statement:

“Even though Tom Wolf filled his taxpayer-funded office with campaign staffers, he needs to remember that the Office of the Governor is not there to carry out his unethical campaign tactics,” Sweeney said. “Tom Wolf already spent the first two months of summer forming shady political groups to conduct his dirty work, but apparently he also needs the taxpayer-funded Office of the Governor to amplify his campaign rhetoric.

“Pennsylvanians deserve better than a Governor who’s comfortable with sending taxpayer-funded, campaign-style attacks out to the media. At a time when Pennsylvania faces budget and pension crises that are worsening by the day, it’s sad to see our Governor spending his time on politics rather than joining Republicans in governing.”