Shapiro Appoints Teachers’ Union Fox to Oversee PA’s Pension Henhouse
By Freedom Foundation As recently as two years ago, Pennsylvania’s Public School Employee Retirement System (PSERS) was among the top 25 public pension funds in the nation. Every year, it sends out approximately $7 billion in retirement checks to 250,000 former school employees . In FY 2020, PSERS collected $3.2 billion from taxpayer-funded employer contributions, $400 million from school workers, and $3.4 billion in investment profits. Despite that huge infusion of money, however, the plan reported a $40 billion deficit , and retirees had not seen a benefit increase in nine years. Meanwhile, according to The Inquirer, PSERS “is still paying lawyers to deal with the fallout of a scandal touched off by an exaggerated profit report and scrutinized land deals. More than $6 million has been paid already , and ongoing litigation suggests an internal probe that coincided with investigations by federal authorities left some unanswered questio...