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
Federal judge strikes down Pa. ban on casino investor campaign finance donations

Federal judge strikes down Pa. ban on casino investor campaign finance donations

A federal district judge Wednesday struck down a 2006 Pennsylvania law meant to prevent casino owners and investors from donating money to political campaigns.

In her ruling, Middle District Judge Sylvia Rambo ruled that the law, which was clarified and reimplemented after a successful state court challenge in 2009, violated individuals’ First Amendment rights.

Thursday, September 20, 2018/Author: Stephen Caruso
Categories: News and Views
With session next week, pressure increases on General Assembly to act on grand jury report

With session next week, pressure increases on General Assembly to act on grand jury report

Mary McHale was sexually assaulted by her priest as a teen, and her experience is one of over a thousand included in the state’s grand jury report released last month.

Speaking at a press conference this week, flanked by Attorney General Josh Shapiro, Rep. Todd Stephens (R-Montgomery) and local DAs, she took a hard stance against legislative opposition to the grand jury report.

“If you don’t support this bill, you are standing with the pedophiles,” McHale said.

Wednesday, September 19, 2018/Author: Stephen Caruso
Categories: News and Views
Leaders put big picture reforms on radar for last days of session

Leaders put big picture reforms on radar for last days of session

Legislative leaders have, after months of stalled efforts and with fifty days to the election, started pushing big changes to state government.

Speaking to the Philadelphia Daily News’ John Baer, Speaker of the House Mike Turzai (R-Allegheny) said that during the run-up to sine die, he wants to prioritize congressional redistricting reform and shrinking the size of the state legislature before the November general election, perhaps even adding session days.

This follows up on Senate President Pro Tempore Joe Scarnati (R-Jefferson) officially releasing his bill to open primaries last week.

Tuesday, September 18, 2018/Author: Stephen Caruso
Categories: News and Views
Candidates try to motivate voters for local races as election day draws near

Candidates try to motivate voters for local races as election day draws near

Wandering into the cavernous Clinton County Fairgrounds commercial building Saturday surrounded by American flags, firearms enthusiasts and the smell of chicken dinners, Steve Baker was a man on a mission.

“I’d like to ask [Scott] Wagner one question,” he said.

A 66-year old retiree from multiple jobs, he lives off his pension, including one from the state. And Baker, a Republican, has seen troubling ads that say the GOP Gubernatorial candidate wants to tax his retirement, based off of old comments he said as a state Senator.

Monday, September 17, 2018/Author: Stephen Caruso
Categories: News and Views
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