From the Express-Times:
“Looming pension crisis” are the buzz words on many Pennsylvania politicians’ lips these days but few know how to solve the problem.
In the next five years, school districts are expected to see the amount of money they pay into the Public School Employees’ Retirement System (PSERS) spike from 4.78 percent of payroll this fiscal year to almost 34 percent in 2014-2015.
For a large school district such as Bethlehem Area, that means an increase from $7.5 million in the upcoming fiscal year to $32.1 million come 2013-2014, district officials said.
School districts argue they can’t swallow the upcoming rate hike without decimating services and hiking taxes.
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