Gov. Wolf, Torsella repeat call for state pension boards to reduce fees, move to more passive investment strategy

Gov. Wolf, Torsella repeat call for state pension boards to reduce fees, move to more passive investment strategy

Gov. Tom Wolf and Treasurer Joe Torsella Monday doubled-down on their call for the State Employees’ Retirement System and the Public School Employees’ Retirement System to reduce their management fees, move to a more passive investment model, and increase savings opportunities.

 

The call comes on the heels of the Wolf administration combining three funds into one Treasury-managed fund and the Treasury putting all public equity investments into a passive investment model and an April 13 letter to the systems encouraging to adopt similar reforms.

Monday, April 24, 2017/Author: Jason Gottesman
Categories: News and Views

Rotunda Ramblings - Episode 41: PSERS executive director Glen Grell

 
The podcast this week features a pension reform can't miss as we sit down with PSERS executive director Glen Grell. Also, a recap of the week's budget news and other items.

Friday, April 7, 2017/Author: Jason Gottesman
Categories: Rotunda Ramblings
PSERS director: “We’re very well toward turning the corner on our unfunded liability”

PSERS director: “We’re very well toward turning the corner on our unfunded liability”

During Monday’s budget hearing in front of the House Appropriations Committee, the heads of both of Pennsylvania’s state-run pension plans confirmed that with the Commonwealth next year scheduled to meet 100 percent of its actuarially required contribution (ARC), the state has started to right the ship on what some estimate is as high as a $63 billion unfunded liability.

“We’re very well toward turning the corner on our unfunded liability and paying it off,” said PSERS executive director Glenn Grell about the “fiscal discipline” maintained by budget makers in ensuring the increasing rate collars under Act 120 of 2010 have been met over the last five years.

Monday, March 7, 2016/Author: Jason Gottesman
Categories: News and Views
Pending contingencies, Rep. Grell to leave legislature for PSERS

Pending contingencies, Rep. Grell to leave legislature for PSERS

Rep. Glen Grell (R-Cumberland) confirmed to The PLS Reporter Wednesday that, pending the fulfillment of a number of outstanding contingencies, he will leave the legislature to take over as executive director for the Public School Employee Retirement System.

“The offer has been made, there’s some contingencies on it, assuming those are satisfied, we would expect to accept the offer,” he said.

According to a news release from PSERS, the offer is effective May 1, 2015, and depends on a number of necessary approvals and background checks.

Wednesday, April 15, 2015/Author: Jason Gottesman
Categories: News and Views
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