PSERS’s pension reversal has former allies questioning its strategy Joseph N. DiStefano, The Philadelphia Inquirer
On Monday, when the state’s largest pension fund voted to charge school employees more for their retirement, the fund was compelled to do so because it had missed its 10-year investment goal by the narrowest of margins: two 100ths of a point.
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Had the fund invested more in stocks as it used to, it would have made up its shortfall and prevented the extra charges, records show. Instead, the $64 billion fund invested in high-cost private equity and alternative investments that drove down PSERS’s performance numbers, triggering a need to require more contributions from recently hired school employees.
School employees, Pa. officials question state’s largest pension fund over charges, investments
Updated 10:42 AM;
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By Joseph N. DiStefano, The Philadelphia Inquirer (TNS)
On Monday, when the state’s largest pension fund voted to charge school employees more for their retirements, the fund was compelled to do so because it had missed its 10-year investment goal by the narrowest of margins: 2/100ths of a point.
Had the fund invested more in stocks as it used to, it would have made up its shortfall and prevented the extra charges, records show. Instead, the $64 billion fund invested in high-cost private equity and alternative investments that drove down PSERS’s performance numbers, triggering a need to require more contributions from recently hired school employees.
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However, Wolf, like many professional athletes, has a list of sturdy defensemen who he remembers well the types of physical specimen who left Wolf sore, or worse, after games.
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