Voluntary retirement plan could help cash-strapped Pa. state university system

Susan Snyder | Thursday, May 23, 2019, Philadelphia Inquirer

Pennsylvania’s state university system and its faculty union have agreed on a voluntary retirement program that could help the cash-strapped system as it faces its ninth straight year of projected enrollment decline.

Nearly one-fifth of the union’s 5,150 full-time faculty members would be eligible under the plan, which allows faculty to retire in phases over a three-year period. Their workload and pay would be gradually reduced, while they maintain full benefits. Those who qualify generally must be at least 60 and have worked at least 15 years in the system.

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As Pennsylvanians fail to save for retirement, state coffers could face new challenges

Tim Grant | Friday, November 17, 2017, Pittsburgh Post-Gazette

About 44 percent of Pennsylvania workers age 18 to 64 in the private sector work for businesses that do not offer a retirement plan, according to AARP data.

That’s one of the factors in a looming retirement crisis that will likely force millions of the state’s residents to accept a lower standard of living as they reach retirement age. And low retirement savings could have an impact on the state’s already pinched coffers.

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