Budget Due Monday In Pa

06.27.14 | Sarah Harnisch

As the legislature shifts into high gear to pass a budget before Monday's midnight deadline, Pennsylvania Governor Tom Corbett continues to urge lawmakers to act on pension reform. The retirement systems for state and public school workers face a combined funding shortfall of roughly $47 billion. This deficit prompted credit rating agencies such as Standard and Poor's and Moody's to threaten to downgrade Pennsylvania's rating. Corbett said action from lawmakers would show that state officials are serious about addressing underfunded pensions.