Pennsylvania Gov. Tom Corbett on Tuesday called for a pension overhaul that he said would save $41 billion in unfunded liabilities.

Under the plan — which he introduced to the state legislature in Harrisburg along with his proposed $28.4 billion budget for the 2013-14 fiscal year — Pennsylvania would create a 401(k)-style retirement benefit for future employees, and adjust the calculations for future benefits for current employees. Corbett added that he would not allow any benefit cuts to existing retirees.

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