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First Posted: 6/10/2014 HARRISBURG &#8212; Gov. Tom Corbett hinted Tuesday that he is prepared to hold up the state budget past the June 30 deadline unless lawmakers enact legislation to significantly rein in the soaring costs of pensions for future state and school employees.
&#8220;I&#8217;ve made it clear that I think pension reform is extremely important, even though it doesn&#8217;t bring that much money into it, I think it brings some,&#8221; he said in an impromptu news briefing. &#8220;But we need to get some things done. I can&#8217;t guarantee when this budget&#8217;s going to get done, I don&#8217;t guarantee anything.&#8221;
If lawmakers deliver on a pension overhaul, the Republican governor suggested he might be willing to support new taxes to ease a potential $1 billion-plus shortfall, but he balked at providing specifics.
In that case, &#8220;I&#8217;m not sure what I&#8217;m open to,&#8221; he said. &#8220;We&#8217;ve got to take a look at all the sources of revenue. We&#8217;ve got to take a look at all the funds that are out there. We&#8217;ve got to look for any rainy day funds that may be out there.&#8221;
Corbett supports a proposal by Rep. Mike Tobash, R-Schuylkill, that would combine a limited traditional, defined-benefit pension with a 401(k)-style defined-contribution plan to provide a smaller benefit than current employees receive. It is expected to save more than $10 billion over a 30-year period.
The proposed changes would not affect the hundreds of thousands of active public employees who are members of the Public School Employees&#8217; Retirement System and the State Employees&#8217; Retirement System.
The Tobash plan was expected to be debated in the House on Tuesday, but lawmakers recessed for the day after a lengthy private meeting of Republicans generated many questions that could not be quickly answered, a caucus spokesman said.
&#8220;It truly is just a very complicated issue,&#8221; said the spokesman, Steve Miskin, who said he was unsure whether the bill would come up Wednesday. &#8220;We&#8217;re just taking time to work through the answers.&#8221;
The Pennsylvania State Education Association, the state&#8217;s largest teacher union, has been a vocal opponent of the proposal which it says would not produce short-term savings for taxpayers and would undermine the retirement security of future employees.

Corbett hints he’ll hold up budget over pensions