|Posted:||October 28, 2019 08:38 AM|
|From:||Senator John P. Blake and Sen. Patrick M. Browne, Sen. John DiSanto|
|To:||All Senate members|
|Subject:||Consolidation of Investment Offices of SERS and PSERS|
|The General Assembly established the Public Pension Management and Asset Investment Review Commission (PPMAIRC) in Act 5 of 2017 to study the operations of the Commonwealth’s statewide pension systems and issue a report of its findings and recommendations.
Among the recommendations highlighted in the PPMAIRC report is the creation of a single, central pension investment office for SERS and PSERS, to be staffed by highly qualified investment professionals with a fiduciary duty to both systems’ members and the establishment of an independent oversight body composed of experts in the field.
In response to the PPMAIRC report, we intend to introduce legislation that would establish the Commonwealth Pension Investment Office (CPIO). The CPIO will prudently invest and manage funds from both PSERS and SERS, as directed by a Trustee board of highly qualified professionals, to ensure a secure retirement for state and public school employees. The SERS Board of Trustees and PSERS Board of Trustees will remain intact to continue to perform all other current board duties.
Introduced as SB951