HARRISBURG – Pennsylvania Treasurer Robin L. Wiessmann today issued this statement calling for improvements to the current municipal pension system in Pennsylvania:
“As a member of various pension boards, I agree with Mayor Ravenstahl’s recent advocacy of potential solutions to shortages faced by municipal pensions across Pennsylvania. In this challenging economy, it is more important than ever for Pennsylvanians to have confidence that their pension funds will be a dependable source of income in retirement. And yet cities across the Commonwealth face widening pension funding gaps.
It is imperative that we improve the current municipal pension system in Pennsylvania. Most of the state's 3,100 municipal pension plans serve fewer than 10 employees. Consolidation of the various disparate plans would modernize the existing system, creating economies of scale that would lower administrative and investment costs, saving both taxpayers and plan participants significant money.
Since taking office as Pennsylvania Treasurer, I have been committed to modernizing the Treasury operation for those who follow me in this office. I commend Mayor Ravenstahl and other municipal leaders across the Commonwealth for advancing possible solutions that would modernize and ensure the viability of Pennsylvania’s municipal pension systems for Pennsylvania residents, now and in the future.”
By virtue of her position as Pennsylvania Treasurer, Wiessmann serves on the boards of the State Employees’ Retirement System (SERS), the Public School Employees’ Retirement System (PSERS), and the Pennsylvania Municipal Retirement (PMRS).
The Pennsylvania Treasury Department, under the leadership of Treasurer Robin L. Wiessmann, is a leader in changing the way treasuries do business. The Department and its employees are accountable for safeguarding the financial assets of all Pennsylvanians,serving as custodians, investors and disbursers of the Commonwealth’s funds. Treasury also helps Pennsylvanians achieve financial success through variety of programs and services like the Unclaimed Property program, the nowU College Savings Program, the KeystoneHELP low-interest loan program,and the INVEST program for local governments and nonprofits. For more information about Treasurer Wiessmann and the Pennsylvania Treasury Department, visit www.patreasury.org.
