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Report Offers Ways To Save On PA Pensions


HARRISBURG – Improving transparency and reducing Wall Street fees and other recommendations to save nearly $10 billion in public pension costs are part of a bipartisan report released in Harrisburg. Pension reform signed into law last year called for creation of the Public Pension Management and Asset Investment Review Commission, which conducted the first independent review of the Pennsylvania Public Employees’ Retirement System (PSERS) and the State Employees’ Retirement System (SERS). Some recommendations include enacting legislation mandating annual stress testing; increasing transparency of investment cost, performance, and benchmarks; enacting legislation mandating increased public reporting of all investment expenses; and adopting measures to reduce risk. The report follows a seven-month review of the state’s pension systems for state employees and public school employees.