Appropriations Hearings for Our Public Pension Systems
December 1, 2022 01:50 PM to All Senate Members
Circulated By
Senator Katie Muth
D Senate District 44
Memo
I will soon be reintroducing SB 961 from the 2021-2022 session, which would require our state’s public pension systems to testify before both the Senate and House Appropriations Committees.
The Commonwealth’s required annual contribution to our 2 large public pension systems, State Employees' Retirement System (SERS) and Public School Employees' Retirement System (PSERS), is substantial and represents a large component and cost driver of the annual state budget. As such, the General Assembly should be given an opportunity to exercise proper due diligence through the annual agency budget hearing process.
SERS and PSERS have not consistently been subjected to annual budget hearings before the Appropriations standing committee in both legislative chambers. It appears that neither SERS nor PSERS have testified before the Senate Appropriations Committee since Monday, March 23, 2015 or before the House Appropriations Committee since March 5, 2019.
My proposal would amend the Administrative Code of 1929 to require both SERS and PSERS to testify before the Appropriations Committees of both chambers as part of the annual committee hearing process. This will enable the Appropriations Committees to review and analyze revenues, expenditures, fund performance and other operational, functional and budgetary aspects of our two public pension systems and to provide SERS and PSERS with the opportunity to discuss the status of their respective funds.
The Commonwealth’s required annual contribution to our 2 large public pension systems, State Employees' Retirement System (SERS) and Public School Employees' Retirement System (PSERS), is substantial and represents a large component and cost driver of the annual state budget. As such, the General Assembly should be given an opportunity to exercise proper due diligence through the annual agency budget hearing process.
SERS and PSERS have not consistently been subjected to annual budget hearings before the Appropriations standing committee in both legislative chambers. It appears that neither SERS nor PSERS have testified before the Senate Appropriations Committee since Monday, March 23, 2015 or before the House Appropriations Committee since March 5, 2019.
My proposal would amend the Administrative Code of 1929 to require both SERS and PSERS to testify before the Appropriations Committees of both chambers as part of the annual committee hearing process. This will enable the Appropriations Committees to review and analyze revenues, expenditures, fund performance and other operational, functional and budgetary aspects of our two public pension systems and to provide SERS and PSERS with the opportunity to discuss the status of their respective funds.
Legislation
Document - Introduced as SB 32
Appropriations Hearings for Our Public Pension Systems
December 1, 2022 01:50 PM to All Senate Members
Circulated By
MUTH
Memo
I will soon be reintroducing SB 961 from the 2021-2022 session, which would require our state’s public pension systems to testify before both the Senate and House Appropriations Committees.
The Commonwealth’s required annual contribution to our 2 large public pension systems, State Employees' Retirement System (SERS) and Public School Employees' Retirement System (PSERS), is substantial and represents a large component and cost driver of the annual state budget. As such, the General Assembly should be given an opportunity to exercise proper due diligence through the annual agency budget hearing process.
SERS and PSERS have not consistently been subjected to annual budget hearings before the Appropriations standing committee in both legislative chambers. It appears that neither SERS nor PSERS have testified before the Senate Appropriations Committee since Monday, March 23, 2015 or before the House Appropriations Committee since March 5, 2019.
My proposal would amend the Administrative Code of 1929 to require both SERS and PSERS to testify before the Appropriations Committees of both chambers as part of the annual committee hearing process. This will enable the Appropriations Committees to review and analyze revenues, expenditures, fund performance and other operational, functional and budgetary aspects of our two public pension systems and to provide SERS and PSERS with the opportunity to discuss the status of their respective funds.
The Commonwealth’s required annual contribution to our 2 large public pension systems, State Employees' Retirement System (SERS) and Public School Employees' Retirement System (PSERS), is substantial and represents a large component and cost driver of the annual state budget. As such, the General Assembly should be given an opportunity to exercise proper due diligence through the annual agency budget hearing process.
SERS and PSERS have not consistently been subjected to annual budget hearings before the Appropriations standing committee in both legislative chambers. It appears that neither SERS nor PSERS have testified before the Senate Appropriations Committee since Monday, March 23, 2015 or before the House Appropriations Committee since March 5, 2019.
My proposal would amend the Administrative Code of 1929 to require both SERS and PSERS to testify before the Appropriations Committees of both chambers as part of the annual committee hearing process. This will enable the Appropriations Committees to review and analyze revenues, expenditures, fund performance and other operational, functional and budgetary aspects of our two public pension systems and to provide SERS and PSERS with the opportunity to discuss the status of their respective funds.
Document
Introduced as SB 32
Generated 03/21/2025 11:41 PM