The commission is tasked with making recommendations regarding investment performance and strategies. Specifically, the group has been assigned to recommend benchmark investment fees paid by the SERS and PSERS – the state’s two pension systems – to achieve the boards’ anticipated annual rates of return and to develop recommendations to reduce expenditures to generate cash flow savings of $3.0 billion over 30 years.
“Due to my qualifications, I have the opportunity to serve on this commission to help save Pennsylvania taxpayers billions of dollars over the coming years by lowering investment fees,” Tobash explained. “Over the last several years, I have worked to reform our state’s public pension systems to ensure current employees and retirees receive the benefits they have earned and been promised. Additionally, I have worked to create savings from within our systems, and this commission will be able to add to those savings.”
Members will submit findings and recommendations to the General Assembly and the governor within six months of their first organizational meeting. The commission will expire within 60 days of submitting the required report.
The commission is comprised of five members appointed by the governor, the president pro tem of the Senate, the minority leader of the Senate, the speaker of the House and the Minority leader of the House. The Joint State Government Commission will provide logistical and other support to the commission.