Pennsylvania pension systems say they’ve cut management fees

Pennsylvania’s two large public-sector pension systems say they’ve reduced their investment management fees by millions of dollars.

Democratic Governor Tom Wolf yesterday called the cuts by the pension systems for state workers and school employees an important step to save taxpayers’ money. Wolf has said the systems’ fees are excessive and wants deeper reductions.

The Public School Employees’ Retirement System says its fees fell from $558 million in the year that ended in mid-2013 to $455 million in the year that ended July 1st.

That’s an 18 percent reduction of $103 million over two years.

The State Employees’ Retirement System’s fees fell about 10 percent between 2014 and 2015, from $177 million to $159 million. That’s a drop of $18 million.

SERS says its fees are down by more than $76 million since 2010.