Apple, Google and Microsoft are sitting on a mountain of cash -- and most of it is stashed far away from the taxman. Those three tech behemoths held a total of $464 billion in cash at the end of last year, according to a Moody's report published Wednesday. Apple alone had a stunning quarter-trillion dollars of cash thanks to years of gigantic profits and few major acquisitions. That's enough money to buy Netflix three times. It's also more cash than what's sitting on the balance sheet of every major industry except tech and health care. . . .But corporations' reluctance to spend that money is holding the recovery back. Cash sitting on the balance sheet is money that isn't being put to work on job-creating investments like new factories.
Governor Tom Wolf signed a bill Monday, making it the ninth state to replace the pension with a "hybrid" retirement plan. It goes into effect in 2019.
The new plan combines elements of a traditional pension and a 401(k)-style account.
Overall, new workers will contribute more of their salary, work longer, and likely receive a smaller payout in retirement than under the current system, according to a report from the state's Independent Fiscal Office.
But Pennsylvania's pension system is currently one of the most underfunded in the country and is in need of reform. The bill had bipartisan support.