SERS

Sarah Kovash / 90.5 WESA

The Auditor General’s office has released a report detailing how Pennsylvania’s pension system for state employees can cut costs.

The system, known as SERS, is grappling with roughly $20 billion in unfunded liabilities, and has been making concerted efforts to streamline spending.

Since 2007, the fund has reduced the fees it pays to investment managers by more than half.

But in his report, Auditor General Eugene DePasquale said there’s room to cut even more of those expenses, noting he doesn’t think SERS’s returns justify its expenditures.

Gov. Tom Wolf / Flickr

One of the state’s two largest pension funds has released its financial report for 2016.

The State Employees Retirement System—or SERS—continued a longstanding pattern last year of coming up short of projected long-term earnings.

It brought in $1.6 billion in 2016. That constitutes a 6.5 percent return, and spokeswoman Pamela Hile said that “when talking about an underfunded pension system, that is very good news.”