Governor Wolf Statement on Reduction of Management Fees by SERS, PSERS

March 07, 2016

Harrisburg, PA – After calling for a reduction in Wall Street management fees more than a year ago, Governor Wolf released the following statement regarding progress made by SERS and PSERS to achieve this goal:

“I have been pushing for more than a year to significantly reduce the excessive Wall Street management fees paid by SERS and PSERS as part of pension reform. This important step saves money for Pennsylvania’s hardworking taxpayers. I am pleased that PSERS has reduced management fees by $103 million and SERS has reduced the fees it pays by $16 million, and I applaud both systems for their work in this area.

“In addition to reducing Wall Street management fees, my administration is working hard to reduce redundancies, and find efficiencies and cost-savings for Pennsylvania’s hardworking taxpayers, including my GO TIME initiative, a proposal to merge the Department of Corrections and the Board of Probation and Parole, and moving the CHIP program from the Department of Insurance to the Department of Human Services.

“I will continue to work with both pension systems to reduce fees even more and I urge the legislature to pass legislation to permanently reduce these excessive Wall Street fees.”

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