HARRISBURG, Pa. (AP) – Pennsylvania’s governor and elected treasurer are pushing the state’s two large public-sector pension agencies to cut the fees they pay outside firms to handle billions in investments.
Gov. Tom Wolf and Treasurer Joe Torsella on Monday announced a target over three years for the state government pension fund to save $46 million annually and the school employee fund about $100 million a year.
The two Democrats say Pennsylvania is near the top in the ranking of states that pay the highest percentage of pension-fund investment fees.
They say that in the most recent year, the State Employees’ Retirement System and the Public School Employees’ Retirement System paid out nearly $600 million in fees.
Wolf and Torsella say the agencies can also squeeze savings by improving how the funds are administered.