Pension review board testimony cites nearly $4 billion in unaccounted for fees

Pension review board testimony cites nearly $4 billion in unaccounted for fees

Charged with finding $3 billion in savings, Pennsylvania’s pension review board may have already reached their mark.

In a hearing Thursday of the Public Pension Management and Asset Investment Review Commission — set up by the 2017 pension reform bill — testimony from two experts to the commission revealed that the state might have paid $3.8 billion in unreported fees over the past ten years.

Specifically, the fees appeared to come from carried interest, or money a private equity firm, especially on alternative investments, takes in excess of its share of a partnership.

Friday, September 21, 2018/Author: Stephen Caruso
Categories: News and Views
Pension reform review to begin with sights on $3 billion in savings

Pension reform review to begin with sights on $3 billion in savings

Following up on last year’s pension reform bill, Rep. Mike Tobash (R-Schuylkill) and State Treasurer Joe Torsella announced the start of a review of the state’s retirement system Wednesday.

The bipartisan duo serve as the chair and vice chair, respectively, of the Public Pension Management and Asset Investment Review Commission. 

Wednesday, May 30, 2018/Author: Stephen Caruso
Categories: News and Views
City Controller releases Pittsburgh's 2017 annual financial report

City Controller releases Pittsburgh's 2017 annual financial report

Pittsburgh City Controller Michael Lamb released the city’s Comprehensive Annual Financial Report for 2017 Tuesday. Lamb reported that Pittsburgh, whose fiscal year ended New Year’s Eve, is on the road to financial stability, but still has much room to grow.
Tuesday, May 1, 2018/Author: Atiya Irvin-Mitchell
Categories: Pittsburgh
During 2018 budget address, Mayor Peduto asks state to remove Pittsburgh from Act 47 recovery status

During 2018 budget address, Mayor Peduto asks state to remove Pittsburgh from Act 47 recovery status

As part of his 2018 budget address Monday morning, Pittsburgh Mayor Bill Peduto said he is sending a letter to the Commonwealth seeking the removal of the city from Act 47 financially distressed status and ICA oversight, of which it’s been under since 2004.

In his message to Gov. Tom Wolf and the Department of Community and Economic Development Secretary Dennis Davin, Peduto laid out his plans to cement the fiscal reforms learned through the Act 47 process to protect the city from entering the distressed status again.
Monday, November 13, 2017/Author: Alanna Koll
Categories: Pittsburgh
Reflection: A look at AFSCME’s role in the passage of Act 5 of 2017

Reflection: A look at AFSCME’s role in the passage of Act 5 of 2017

With several weeks behind the signing of Act 5 of 2017, some leaders of public employee labor unions are reflecting on their role in the process and what they did differently from other pension-reform attempts that eventually led to the enactment of this legislation.

At the beginning of June, the Senate-advanced Senate Bill 1—a pension reform plan that overhauled the current pension system that was used in the commonwealth—was created after six or seven drafts from ongoing negotiations.

The bi-partisan legislation was created through agreement from all four legislative caucuses as well as Gov. Tom Wolf and his administration. 

Monday, July 24, 2017/Author: Kyle Maguire
Categories: News and Views
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