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
While not enough for downpour, Pennsylvania adds $22 million to rainy day fund

While not enough for downpour, Pennsylvania adds $22 million to rainy day fund

For the first time in a decade, Pennsylvania will have a nice chunk of change to squirrel away in its coffers.

As part of the 2018 budget, passed by the General Assembly and signed by Gov. Tom Wolf eight days ahead of time, the commonwealth is putting $22 million into its Budget Stabilization Reserve Fund, or rainy day fund for short.

Thursday, July 12, 2018/Author: Stephen Caruso
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
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