State Pension Plan will get $260M from Biden Stimulus Law
(Harrisburg, PA) -- A pension plan for 24-hundred Pennsylvania workers, retirees, and their beneficiaries is getting a huge boost from a federal bailout fund. The I-U-E / C-W-A plan will get 260-million dollars under President Biden's nearly two-trillion-dollar stimulus law that was enacted in response to the pandemic. Senator Bob Casey says the funds will be enough to continue full payments for at least 20 years. Previously, the pension plan would have run out of money by 2030. It serves close to 24-hundred workers and retirees in the manufacturing industry in Pennsylvania. Senator Casey, who helped lead the effort to include the pension bailout fund in the stimulus law, says about 150-thousand Pennsylvanians will see their retirement benefits saved because of the federal help.
>>State's Biggest Pension Fund Sues Firm for Investment Profit Error
(Harrisburg, PA) -- Pennsylvania's largest pension fund has sued a key consulting firm that incorrectly calculated its investment profits. The lawsuit filed by the Public School Employees' Retirement System (PSERS) says Chicago-based Aon Investments USA's figures caused a costly error and contributed to the agency possibly facing federal investigators. Stakeholders for the 72-billion-dollar fund say the error was made to PSERS' 2020 risk share analysis. They want to recover damages to compensate pension fund members for what they say is the "significant and ongoing harm" Aon has caused. The miscalculation by Aon, which tracks the system's investments, resulted in certain school employees having to increase contributions to their pensions.