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Pa. Treasurer Torsella: Pension investments are not worth what Pa. pays

August 21, 2018

Pennsylvania Treasurer Joe Torsella at his swearing-in ceremony.

By Staff

Trustees of Pennsylvania’s biggest pension plan, feeling pressure to explain the half a billion dollars they pay each year to private money managers, couldn’t quite agree on the solutions presented at its meeting last week.

Teacher, retiree and legislative reps on the $50 billion Pennsylvania Public School Employees’ Retirement System (PSERS) combined to pass a list of recommendations, called the “Fee Reduction Plan.” It includes a proposal to spend more than $3 million a year on nine new staffers charged with cutting costs by negotiating lower charges and moving more money in house.

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