Audit Results Released on Pennsylvania State Employees Retiremen - Erie News Now | WICU & WSEE in Erie, PA

Audit Results Released on Pennsylvania State Employees Retirement System

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    Pennsylvania State Auditor General Eugene DePasquale has released results of his audit of the state employees retirement system. The unfunded liability is nearly $20 billion dollars and growing. Thursday, the auditor general weighed in on ways to help. He applauded the system for recent changes and lawmakers for passing impactful legislation this year that will help reduce the problems over time. However, the AG found the rate of investment return is only about 6.5 percent and nationally states do better than 12 percent. 

So, one of many recommendations is reduce the fees the system pays to wall street. The auditor general is calling for changes in pension forfeiture law, saying when public employees are convicted some heinous crimes, in some cases, they are still receiving a pension. ###

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