Pension system recommendations await a House vote

Pension system recommendations await a House vote

Pennsylvania’s legislature could soon act on a series of bills designed to save the state billions of dollars in pension costs over the next few decades.

 

The legislative package spearheaded by Rep. Mike Tobash (R-Schuylkill) is the result of a comprehensive review of the state’s two pension systems, which found that with the right changes, the state could shore up its systems and save billions of dollars in the years to come. 

Monday, November 4, 2019/Author: Justin Sweitzer
Categories: News and Views
Pension forfeiture bill nears governor’s desk

Pension forfeiture bill nears governor’s desk

In what will likely be the first bill signed into law this session, SB 113 is nearing Gov. Tom Wolf’s desk and after confirmation to a House amendment by the Senate, is just a signature away from strengthening pension forfeiture requirements for public officials convicted of job-related felonies.  

The bill, sponsored by Sen. John DiSanto (R-Dauphin), aims to close a loophole that currently allows public employees to keep taxpayer-funded pensions when convicted of certain felonies. If signed into law, those found guilty of crimes relating to public employment — including conspiracy — would have their pension benefits forfeited under the new law.
Tuesday, March 19, 2019/Author: Justin Sweitzer
Categories: News and Views
Final pension commission report aims for three times the required savings with centralized investment office, transparency

Final pension commission report aims for three times the required savings with centralized investment office, transparency

Taking 18,000 pages of notes over seven months of work, the state’s public pension review commission issued seven suggestions Thursday, that they hope could save Pennsylvania as much as $10 billion over the next 30 years.

The commission, led by chair Rep. Mike Tobash (R-Schuylkill) and vice-chair State Treasurer Joe Torsella, was mandated by the 2017 pension bill.

Among its suggestions were a central investment office for the state’s two pension systems, consistently full pension contributions from the state and added transparency measures from the State Employee Retirement System and the Public School Employees Retirement System.
Thursday, December 20, 2018/Author: Stephen Caruso
Categories: News and Views
Pension reform commission prepares final report, will vote on approval next week

Pension reform commission prepares final report, will vote on approval next week

Ahead of a vote to accept or reject their final report next week, the state’s pension review commission, set up by the 2017 retirement restructuring, had its penultimate meeting Wednesday.

The commission is chaired by Rep. Mike Tobash (R-Schuylkill), who said afterwards that the report “clearly states we can be better,” whether in simplifying the investment process, using standardized reporting tools for easier comparisons with other retirement systems or by increasing transparency.

“I think everyone is on board. There are no losers in this discussion,” Tobash said.
Wednesday, December 12, 2018/Author: Stephen Caruso
Categories: News and Views
Pension review board testimony cites nearly $4 billion in unaccounted for fees

Pension review board testimony cites nearly $4 billion in unaccounted for fees

Charged with finding $3 billion in savings, Pennsylvania’s pension review board may have already reached their mark.

In a hearing Thursday of the Public Pension Management and Asset Investment Review Commission — set up by the 2017 pension reform bill — testimony from two experts to the commission revealed that the state might have paid $3.8 billion in unreported fees over the past ten years.

Specifically, the fees appeared to come from carried interest, or money a private equity firm, especially on alternative investments, takes in excess of its share of a partnership.

Friday, September 21, 2018/Author: Stephen Caruso
Categories: News and Views
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