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10/20/2021 04:26 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20210&cosponId=36046
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Senate of Pennsylvania
Session of 2021 - 2022 Regular Session

MEMORANDUM

Posted: August 3, 2021 04:54 PM
From: Senator Katie J. Muth
To: All Senate members
Subject: Appropriations Hearings for our Public Pension Systems
 
The Commonwealth’s required annual contribution to our 2 large public pension systems, State Employees' Retirement System (SERS) and Public School Employees' Retirement System (PSERS), is substantial and represents a large component and cost driver of the annual state budget.  As such, the General Assembly should be given an opportunity to exercise proper due diligence through the annual agency budget hearing process.
 
SERS and PSERS have not consistently been subjected to annual budget hearings before the Appropriations standing committee in both legislative chambers.  It appears that neither SERS nor PSERS have testified before the Senate Appropriations Committee since Monday, March 23, 2015 or before the House Appropriations Committee since March 5, 2019

 
My proposal would amend the Administrative Code of 1929 to require both SERS and PSERS to testify before the Appropriations Committees of both chambers as part of the annual committee hearing process. This will enable the Appropriations Committees to review and analyze revenues, expenditures, fund performance and other operational, functional and budgetary aspects of our two public pension systems and to provide SERS and PSERS with the opportunity to discuss the status of their respective funds.