Pennsylvania looking for ways to reduce pension liability

(WHYY) A Pennsylvania state commission is trying to figure out how to cut costs in the state’s two largest, heavily indebted pension funds.

Depending on what numbers used, the state Employees’ Retirement System and Public School Employees’ Retirement System have between about $66 billion and $89 billion in unfunded liabilities. Basically, the money needed to pay thousands of pensions isn’t there.

That’s nothing new. But what is new is a commission of lawmakers and state officials that is working to come up with a plan to pay down the debt.

Pennsylvania State Treasurer Joe Torsella has estimated that in the last 10 years, the state has wasted roughly $5.5 billion on payments to investment managers whose high-risk funds didn’t pay off. Read the full story on WHYY.