Pennsylvania Proposes $51.4 Billion Budget for 2025/26

The Broadstone Sirius Index reports a positive funding progression for pension schemes at the start of 2025, with a slight increase in funding levels for both 50% and fully hedged schemes despite market volatility. The 50% hedged scheme saw its funding level rise from 103.4% to 103.7%, while the fully hedged scheme improved from 69.4% to 69.9%. Chris Rice, Head of Trustee Services at Broadstone, noted the need for trustees to remain vigilant amidst potential economic turbulence and regulatory changes in the coming year. In Pennsylvania, Governor Josh Shapiro proposed a $51.4 billion budget that includes a significant increase in education funding, igniting debate among lawmakers over costs and revenue projections. Republicans are concerned about the proposed spending exceeding projected revenues, while Democrats advocate for the benefits of increased funding and tax reforms. Meanwhile, Project 2025 continues to be a focal point in political discussions, revealing its influence on recent executive actions despite Donald Trump's earlier disavowal of the plan.