PA INDEPENDENT: Even after a fantastic year on the stock market, the pension fund for Pennsylvania’s public school employees is deep in the red.
The Public School Employees Retirement System reported in December that it earned 14.91 percent for the past fiscal year, nearly doubling the fund’s 7.5 percent annual benchmark for investment earnings. As a result of the robust year in the market, PSERS’ unfunded liability has declined slightly, but the fund is still owes $35 billion in benefits beyond what its assets can cover…
When combined with the unfunded liability from the State Employees Retirement System, Pennsylvania is still facing $50 billion in pension debt… (more)
