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
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
DePasquale discusses PSERS audit findings

DePasquale discusses PSERS audit findings

Auditor General Eugene DePasquale held a press conference Thursday afternoon where he discussed his findings from his audit of the Public School Employees' Retirement System (PSERS). 


In his 151-page audit report that went from July 1, 2013 to March 31, 2017 there were 17 findings on six issues, and 37 recommendations. 


DePasquale stated that there is a need for legislative reform and operational improvements when it comes to PSERS.
Thursday, May 25, 2017/Author: Kara Barmoy
Categories: Video
RSS
12