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
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 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
Pension reform review to begin with sights on $3 billion in savings

Pension reform review to begin with sights on $3 billion in savings

Following up on last year’s pension reform bill, Rep. Mike Tobash (R-Schuylkill) and State Treasurer Joe Torsella announced the start of a review of the state’s retirement system Wednesday.

The bipartisan duo serve as the chair and vice chair, respectively, of the Public Pension Management and Asset Investment Review Commission. 

Wednesday, May 30, 2018/Author: Stephen Caruso
Categories: News and Views
DePaquale discusses audit of State Employees' Retirement System

DePaquale discusses audit of State Employees' Retirement System

Auditor General Eugene DePasquale held a press conference Thursday morning where he discussed his audit of State Employees' Retirement System and what his findings were.
Thursday, August 10, 2017/Author: Kara Barmoy
Categories: Video
RSS
12