VIDEO New PA Pension Plan Goes Into Effect
>>>jim vaughn: pennsylvania's overhauled pension plan for most new state employees is now in effect.
New public workers no longer get full guaranteed pensions backed by taxpayers.
The new law creates a new retirement plan that doesn't carry as much risk for ?a residents.
Instead... hal* the retirement savings go into a fund backed by taxpayers... while the other half goes into a private 40?k.
The wolf administration says the move reduces risks... and cuts costs.
It's expected to save taxpayers at least 4?
Million dollars per year for