The financially troubled state pensions systems, for state employees and public school employees, will undergo a review by Pennsylvania Auditor General Eugene DePasquale. DePasquale made the announcement last week saying it had been planned for a while and had nothing to do with the recent revelation of federal charges against ex-state Treasurer Barbara Hafer and Richard Ireland, whose firm marketed the services of some of pension systems’ private investment managers.
DePasquale also said his main focus will not be the nearly $60 billion of combined unfunded liability in the two funds, which he said were the result of changes made by the Legislature, and not necessarily the way the funds are operated. Although he did say his office will review the fees paid to the private investment managers.
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