Pennsylvania Governor Tom Wolf has been harping on the state pension funds’ investment expenses for over a year, and included a fee reduction initiative in his 2015 budget proposal.
That proposal didn’t pass – but the state’s two major pension systems independently cut millions in management fees last fiscal year, according to data released by the systems.
More from the Associated Press:
The Public School Employees’ Retirement System says its fees fell from $558 million in the year that ended in mid-2013 to $455 million in the year that ended July 1.
That’s an 18 percent reduction of $103 million over two years.
The State Employees’ Retirement System’s fees fell about 10 percent between 2014 and 2015, from $177 million to $159 million.
That’s a drop of $18 million.
SERS says its fees are down by more than $76 million since 2010.
Pension officials haven’t yet detailed how they achieved the savings.
Photo by TaxRebate.org.uk via Flickr CC License
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