Daily News | Shapiro wants Pennsylvania pension funds to ditch Wall Street money managers
Pennsylvania Gov. Josh Shapiro wants to cut back on state pension funds’ reliance on outside investment contractors, who manage billions of dollars in public money while collecting lucrative state fees.
The state teachers’ retirement system and the smaller state workers’ plan together invest nearly $100 billion in public funds to help finance future pensions for more than 700,000 working and retired teachers, state police, corrections officers, state college staff, social workers, legislators, judges, and other public employees.in 2021, with the agreement that the managers who delivered the most profits to the state could keep a share of those earnings alongside their annual fees.
Investment profits alone are not enough to finance future payments from the underfunded plans because of past investment returns, a high number of retirees compared with active workers, and the state’s failure to fully fund pensions in the 2000s. when he headed county government in the early 2010s: “Fire the money managers, saving millions of dollars that’s going to their high fees.”
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