Daily News | Pa. school pension trims taxpayer cost, details $1.7 billion paid to Wall Street managers
of pensions next year, thanks to the former bull market that generated record profits in 2021, plus a post-pandemic rebound in hiring at the state’s public schools.
The Public School Employees’ Retirement System will need $5.19 billion from state and school district taxpayers to help fund the pension in fiscal year 2023-24, down from $5.31 billion received in the current fiscal year, chief financial officer Brian Carl told trustees. The reduction, under a complex funding formula, is due to a rise in investment values during 2021, as stocks and other investments surged, and to higher-than-expected public school hiring and pay increases last year, funded in part by federal pandemic funds, which boosted last year’s dollar contribution above expectations.
The plan faces a long-term deficit of more than $40 billion, mostly to fund future pensions for teachers who worked between 2001 and 2011, a period during which lawmakers approved higher pensions but declined to fund them. Under later revisions to the pension law, recent hires receive smaller pension guarantees and add less to the system’s long-term deficit.
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