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FOR
IMMEDIATE RELEASE Strong Pension Fund Earnings Mean Future Savings For TaxpayersThe Pennsylvania State Employees' Retirement System (SERS) continues to be among the top performing pension funds in the nation, which will help control spending and make it less difficult to balance the state budget in future years. "The good news is that when the pension fund produces such a tremendous return, it saves taxpayers a lot of money down the road, because a lower contribution is required. The better news is that they have consistently produced strong returns, so this positive result is not just a one-time event," Armstrong said. The target for earnings by the fund is 8.5%. For the twelve-month period ending June 30, SERS realized a 22.2% return. With the fund currently holding over $35 billion, every 1% of earnings adds $350 million. "The numbers they have posted in recent years run well ahead of most comparable systems across the nation. The investment professionals are doing an outstanding job, and their successful investment strategy works to the benefit of Pennsylvania taxpayers," he pointed out. Armstrong, who was a stock broker before becoming a state legislator, has served on the SERS board since 1984. |
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