A Senate bill to overhaul the state’s two debt-ridden pension systems could save taxpayers $18.2 billion over 30 years by reducing benefits for current and future state workers and school employees. Or maybe not.

Under Pennsylvania law, legislation that alters public pensions must receive an independent mathematical review to determine potential taxpayer costs and savings.  But the actuarial firm hired by the Pennsylvania Employee Retirement Commission to review Senate Bill 1 said it was not given enough time to read the 410-page legislation, which was unveiled Friday. The alleged savings may not be accurate, the firm cautioned in a report released Tuesday.  “We are disclosing that the time available for preparing this letter was insufficient to perform a complete review and thus this letter should be considered preliminary in nature,” Chester County firm Milliman wrote.

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Source: Morning Call, By Steve Esack Morning Call Harrisburg Bureau, May 13, 2015; PA Ed Policy Roundup, May 14, 2015.