Torsella unveils plan to help Pennsylvanians save for retirement

Torsella unveils plan to help Pennsylvanians save for retirement

With 2.1 million Pennsylvania residents lacking access to a workplace retirement plan, Treasurer Joe Torsella joined legislators to unveil the final report on the proceedings of the Treasury Private Sector Retirement Security Task Force. 

The Task Force put out a recommendation to establish a state-facilitated automatic individual retirement account (Auto-IRA) program which they hope would be a solution to the state's private sector retirement crisis. 

Wednesday, March 27, 2019/Author: Kara Barmoy
Categories: Video
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
Tweets of the Week - December 17, 2018

Tweets of the Week - December 17, 2018

Check out the week as tweeted from lawmakers, influencers, and others around Pennsylvania state government.
Thursday, December 20, 2018/Author: Mike Howells
Categories: Features
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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