Pennsylvania Gov. Josh Shapiro wants to cut back on state pension funds' reliance on outside investment contractors, who manage billions of dollars in public money while collecting lucrative state fees.
"We need to get rid of these risky investments. We need to move away from relying on Wall Street money managers," Shapiro said Tuesday at a news conference, making some of his first remarks on the subject since he was elected.
The state teachers' retirement system (PSERS) and the smaller state workers' plan (SERS) together invest nearly $100 billion in public funds to help finance future pensions for more than 700,000 working and retired teachers, state police, corrections officers, state college staff, social workers, legislators, judges, and other public employees.
