Gov. Tom Wolf on Monday afternoon signed into law a pension bill that will change the retirement savings plans for future state government and public school employees hired in 2019 and after.

The plans move away from the current guaranteed pension system that public employees in Pennsylvania participated in for about a century, and to one that includes in part or in whole a 401(k)-style plan that many in the private sector have. Employees will have three retirement savings options from which to choose but once a decision is made, it's final.

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The legislation passed both chambers with bi-partisan support. In the Senate, it passed by a 40-9 vote and the House, 143-53.

Wolf said he was delighted to be with the assembly of lawmakers who helped in passing the legislation and presenting it to him to sign. He said it's fair to workers and fair to taxpayers.

"I couldn't be prouder to be here ... to get real meaningful pension reform," the governor said. "Here in Harrisburg we can get important things done in a way that I think a lot of other places cannot."

The pension law is touted as one that will avoid pension cost spikes like the ones state government and school districts now face and be more sustainable in future years. It shifts the investment risk away from taxpayers and on to employees into the new pension program.

But critics say the plan falls short of addressing the key issue that was the driving force behind the pension reform discussion. That is, it does little to pay down the more than $70 billion unfunded liability that the State Employees' Retirement System and Public School Employees' Retirement System carry.

Nonetheless, Wolf along with Republican and Democratic legislative leaders surrounded by a bi-partisan army of rank-and-file legislators, congratulated themselves for accomplishing something that they say future generations will appreciate.

More than 50 lawmakers with dozens of lobbyists and others looking on, they witnessed governor put pen to paper and change the pension benefits that state government workers hired on or after Jan. 1, 2019, and school employees hired on or after July 1, 2019, are eligible to receive.

Sen. Jake Corman, R-Centre County, who was a leading proponent for pension reform in the Senate, compared his feelings about the arrival of the long-awaited day a pension reform bill was signed into law to that of a Chicago Cubs fan.

For 100 years the Cubs never won a World Series, and last year when the Cubs finally won it, their fans felt they didn't have an identity anymore. At the Capitol, pension reform has been a front and center issue for years. Now that the plan is about to be redesigned, Corman said, "I'm not sure what I'm going to talk about tomorrow."

Lawmakers and Wolf described the plan as historic, "a win for Pennsylvania taxpayers," significant, "a big deal," and an example of collaboration between Republicans and Democrats can accomplish.

"Pension reform ... is about one thing and one thing only," said House Majority Leader Dave Reed, R-Indiana County. "It's about making sure those who come after us are not faced with the same difficult decisions that we've been faced with."