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Pennsylvania Pension Fund Paid $1 Billion In Fees To Managers
https://www.fa-mag.com/news/pennsylvania-pension-fund-paid--...

The commission, created by a state law last year, was charged with finding $3 billion in savings in the two pensions over 30 years. The commission found potential savings of as much as $10 billion in the period.

The pensions can reduce costs that will “benefit Pennsylvanians over Wall Street bankers,” Governor Tom Wolf said at a press conference.

PSERS had $55.6 billion under management as of June 30 and SERS had almost $30 billion in assets as of June 1.

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A $1 Billion fee on $55.6 billion under management is about 2%. If Wall Street is skimming you for 2% per annum, you need to save about twice as much money for retirement (or you have to tax state residents twice as much to fund the state pension plan.)

It's just arithmetic.

intercst
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