1 State Auditor + 1 State Pension = Reduced Fees

The Pennsylvania State Auditor found that the State Employees’ Retirement System & the Public School Employees’ Retirement System could do better to reduce fees to investment managers.

In 2007 the State Employees’ Retirement System paid $345 M in fees.

In 2016, the State Employees’ Retirement System paid $167 M in fees.

The auditor’s rational:

• lower fees to invesgtment managers = better pension performance

The Public School Employees’ Retirement System response to the state auditor: “baseless and inconsistent,”

Pittsburgh Post Gazette | Pa. Auditor General: State pension fund can do better on fees