Auditor General’s office reports on PSERS
Photo by AP Photo/Matt Rourke
Pennsylvania Auditor General Eugene DePasquale
(Harrisburg) — Another day, another report from Pennsylvania’s Auditor General, this time releasing findings of one of the state’s two public pension systems.
The audit of P-SERS, the Public School Employees Retirement System covered the period from July 1st 2013 to March 31st of this year.
Auditor General Eugene DePasquale says one of the biggest findings involved the high fees paid to investment managers.
“In 2016 alone there was $416-million dollars spent on fees. That is down from $441-million spent in 2015. Every single dime in reduction in fees is money that can be put back into the pension system and is less relient on other taxpayers,” he said.
The report includes 37 recommendations, mainly aimed at reducing the pension system’s unfunded liability, which stood at 43-billion dollars as of June 30th of last year.
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