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
Senate Bill 1 begins advance through House

Senate Bill 1 begins advance through House

Senate Bill 1—the major pension reform bill making its way through the General Assembly—easily cleared the Senate by a vote of 40-9 Monday afternoon. Within only a few short hours, the legislation was quickly taken up by the House State Government Committee where it advanced to full House along bipartisan lines.

Monday, June 5, 2017/Author: Jason Gottesman
Categories: News and Views
VIDEO: Pension reform effort to heat up in coming weeks

VIDEO: Pension reform effort to heat up in coming weeks

With the June 30th budget deadline inching closer, pension reform is one of the most talked about issues some are hoping to work on along with the spending plan. Find out where pension reform stands, how lawmakers feel, and what might happen to fix the issue. 

Tuesday, May 30, 2017/Author: Kara Barmoy
Categories: Video
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