– An initiative by Rep. Lou Schmitt (R-Blair) to further secure and improve investments made by a state pension system was signed into law by the governor.
“These financial investments made by the State Employees’ Retirement System (SERS) are taxpayer dollars and all must be done to ensure taxpayers are getting the best return on that investment,” Schmitt said. “This new law provides another safeguard to protect the investments made.”
Schmitt’s House Bill 1961
, now Act 94 of 2020, requires SERS to prepare a report on its investment performance data for the period of July 1 through June 30 of each year. This report is in addition to other reports SERS prepares. The Public School Employees’ Retirement System (PSERS) currently prepares investment performance data on the same basis.
Act 94 of 2020 is part of a package of legislation to reform and secure Pennsylvania’s pension system. The package of legislation, which also includes House Bills 1960, 1962 and 1963, is the result of the Public Pension Management and Asset Investment Review Commission’s report on the operations of the Commonwealth’s statewide pension systems. As part of the study the commission made several recommendations to improve the system, save taxpayers money and protect investments. The remaining bills are awaiting votes in the General Assembly.
“Just as the economy fluctuates, we must continually address these changes and adapt,” Schmitt said. “Completing regular and detailed performance reviews will assist policymakers as they continue to uphold promises made to retired and current state employees, as well as to the taxpayers.”
For more information on Schmitt and his legislative priorities, please visit RepLouSchmitt.com
Representative Lou Schmitt
79th Legislative District
Pennsylvania House of Representatives
Media Contact: Greg Gross