News Releases - August 2020

Treasurer Torsella Praises PSERS Move to Fire Wall Street Managers

Pension fund to fire several underperforming managers; Torsella has advocated for reduction in risky high-fee investments at fund

Harrisburg, PA - State Treasurer Joe Torsella today issued the following statement, after a recent commitment by the Pennsylvania Public School Employees Retirement System (PSERS) to pull approximately $2 billion from expensive and underperforming Wall Street money managers. The move comes after years of strong advocacy by Treasurer Torsella to move away from so-called “risk parity” hedge funds and other expensive “alternative” investments, and to consider lower-cost and more transparent investment options.

Treasurer Torsella Unveils Proposal for “PA Skills Compact”

Torsella’s plan would provide tuition-free associates degrees, certification programs to raise postsecondary attainment, meet future employers’ needs

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today unveiled the “Pennsylvania Skills Compact,” his plan to provide up to two years of tuition-free training for all Pennsylvanians towards associate’s degrees, technical certificates or occupational credentialing.

Treasurer Torsella Launches First-Ever Fiscal Health Scorecard

New online tool gives Pennsylvanians an in-depth look at the state’s long-term fiscal health

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today announced the launch of a groundbreaking Fiscal Health Scorecard, an online tool designed to allow Pennsylvanians to better understand the long-term drivers of the Commonwealth’s financial well-being.

Treasurer Torsella: Keep E.P.A. Methane Rule In Place

Trump administration rolls back methane controls

Harrisburg, PA - Pennsylvania State Treasurer Joe Torsella today released the following statement, following the Trump Administration’s rollback of controls on methane emissions, a potent greenhouse gas:

“The decision to roll back critical controls on methane emission is careless and reprehensible. This is just the latest of many senseless rollbacks, but this one is particularly egregious. Not only was this rule supported by major players in the oil and gas industry, it protected our communities from a host of very real threats.

Pennsylvania Treasury Provides Update On Efforts To Combat Unemployment Compensation Fraud

Treasury recovers more than $75.6 million in fraudulent payments

Harrisburg, PA - The Pennsylvania Treasury today provided an update before the House Labor & Industry Committee regarding unemployment compensation (UC) benefit payments and fraud mitigation. Pennsylvania is one of at least eight states responding to a fraud scheme targeting the new Pandemic Unemployment Assistance (PUA) program, designed for those who are self-employed or individuals with limited work history who lost work due to the pandemic.

Treasurer Torsella Commends Psers Board For Unanimous Adoption Of Travel Disclosure Policy

New policy follows best practices from other funds, requires disclosure of travel

Harrisburg, PA - Pennsylvania State Treasurer Joe Torsella today released the following statement, following the unanimous adoption of a travel disclosure policy by the Pennsylvania School Employees Retirement System (PSERS) Board of Trustees:

Treasurer Torsella Calls For Fair Pricing Of Coronavirus Drug Remdesivir

Remdesivir manufacturer Gilead charging thousands per treatment course

Harrisburg, PA - Pennsylvania State Treasurer Joe Torsella today, as a company shareholder, called on Gilead to reconsider its pricing of a breakthrough treatment of COVID-19, called remdesivir. The Institute for Clinical and Economic Review estimates that it costs Gilead approximately $1 to produce a vial of remdesivir, yet the pharmaceutical manufacturer has priced the drug at $520 per vial, or $3,120 per treatment course, for patients with private insurance in the U.S., and $390 per vial, or $2,340 per treatment course, for patients with government insurance.