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Pension Fund Shortage Blames Deception by Retirement Board
Harrisburg reports say the Public School Employee Retirement Board misled lawmakers by underestimating the state share for the pension fund. Rep. Martin Mullen says the $104 million shortfall stems from intentional underestimation, while officials trace the gap to decades of payroll undercounts and bookkeeping gaps. The Education Secretary and board officials warn delays heighten future costs, with a plan to raise $9 million yearly for ten years to cover the deficit.
MENTIONED IN THIS ARTICLE
Harrisburg
Retirement Board
House
Martin P.mullen
Philadelphia
House Appropriations Committee
Mullen
John Pittenger
Frank R. Cashman
Cashman
Rex Wrye