Pension Fund

An-Li Herring / 90.5 WESA


  Fourteen years after entering Act 47, the city of Pittsburgh appears to be very close to exiting the program, which places financially distressed municipalities under state oversight.

Gov. Tom Wolf / Flickr

Governor Tom Wolf and state Treasurer Joe Torsella say they have a way to cut down on Pennsylvania’s mountainous pension costs: change investment strategies to cut down on fees to outside money managers.

Spokespeople for the state’s two biggest pension funds say they’re open to considering the idea, though they note, they’ve already been doing it to some extent.

The fees Pennsylvania pays to outside investors are among the highest in the country. In 2015, they made up almost $600 million of the money spent by the systems for retired state and public school employees.