The screwy world of pension politics was on full display last week. Gov. Tom Wolf and state Treasurer Joe Torsella wrote to the boards of the state’s two public pension funds suggesting they reduce investment costs by moving away from Wall Street money managers, putting more of the system’s assets into passive investments.
The Senate Education Committee reported to the full chamber several bills Wednesday morning, including one that would make it a little harder for school boards to increase property taxes.
State Senate Republicans plan to reintroduce a supposed pension reform bill that failed last year. But the reforms in the legislation are so modest that it hardly seems worth the effort.
Pennsylvania’s pension system has provided government and public school employees with a guaranteed retirement amount for the past 100 years, but with government investments not making the financial returns originally anticipated, and retirees living longer in recent years, the state’s pension system continues to grow and accrue debt.
As beautiful as Moraine State Park can be today, it has been one messed-up plot of land.
With regard to public pensions, it’s starting to feel like the movie Groundhog Day in the state Capitol.