Torsella issues statement on PSERS monitoring managers to discourage use of emergency aid money
Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today issued the following statement on the commitment by Pennsylvania’s Public School Employees’ Retirement System (PSERS) to monitor its existing and any potential asset managers to ensure they did not take advantage of the rescue program designed for small businesses.
“I want to commend PSERS for committing to monitor their existing and potential asset managers that might look to tap emergency aid money meant for small businesses.
“Sometimes the size of a business goes beyond the number of employees on the payroll. Hedge funds and private equity firms reaping millions in fees may be a lot of things, but they aren’t small businesses in need of precious aid to keep our state’s workforce employed.
“Pennsylvania’s largest pension fund should reflect the values of the teachers it’s meant to support. I’m proud to see their leadership on this issue, as we all try to navigate the economic challenges this pandemic has brought.”
Pennsylvania State Treasurer, Joe Torsella