Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today welcomed the Auditor General’s performance audit of the Pennsylvania School Employees’ Retirement System (PSERS).
“I commend Auditor General DePasquale for initiating this audit of PSERS, and support his call for PSERS to reduce fees paid to outside investment managers, $416 million annually according to the audit. While there has been progress on this issue at PSERS in recent years, as I have said repeatedly, we can and should do much better to save Pennsylvanians’ money by reducing Wall Street fees. Today’s audit should remind us all to work harder toward that goal, as well as the other important recommendations.”Pennsylvania Treasurer, Joe Torsella
Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today praised the announcement by the U.S. Department of Labor (DOL) that the Fiduciary Standard Rule will take effect on June 9.
“As a strong advocate of the Fiduciary Standard Rule, I welcome this announcement as a significant win after a hard-fought battle. Protection of individual investors needs to be the priority and imposing “best interest” standards is a commonsense approach that is essential for protecting hard-working Americans. I urge the Secretary of Labor to maintain the Fiduciary Standard Rule in the months ahead.”Pennsylvania Treasurer, Joe Torsella