Treasurer Torsella Commends Sers For Strides In Transparency

Pension fund to report carried interest paid to managers and staff travel expenses

Harrisburg, PA - State Treasurer Joe Torsella today issued the following statement, after unanimous votes by the State Employees’ Retirement System (SERS) to report carried interest paid by the fund per manager, and to disclose travel expenses incurred by SERS staff. These moves come soon after the system voted to live stream all board meetings to the public, beginning in December.

“Every dollar that goes to Wall Street is a dollar that does not go to current and future retirees in our pension system. We need to be honest and transparent with the public about what is being spent, how decisions are being made, and where those dollars are going when the collective futures of our beneficiaries are on the line.

“These steps by SERS show a strong commitment to getting that done. By disclosing the amount paid to each manager in carried interest and in disclosing travel expenses related to investments, SERS is taking a huge step forward—and an important leadership role—in transparency and good governance. This is in addition to the steps SERS has taken to begin live-streaming all meetings.

“These steps also show that arguments to the contrary from other pension funds across the country need a reality check. Now more than ever, there is no reason why a retiree from Erie should have to drive to Harrisburg every two months to participate in the oversight of their pension funds. There is no reason why that same retiree shouldn’t be able to know how much is being paid to a given Wall Street money manager.

“I enthusiastically commend Executive Director Terri Sanchez, the board and the staff at SERS for their commitment to making these important improvements to transparency.”

Pennsylvania State Treasurer, Joe Torsella

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