Oct. 23, 2019

HARRISBURG – Legislation introduced by Rep. Lou Schmitt (R-Blair) that would require the State Employees’ Retirement System (SERS) to produce an additional report each year to provide policymakers with more information for budget planning was approved by the House State Government Committee on Tuesday.

“As stewards of taxpayer dollars invested in the pension system, I believe policymakers and lawmakers should have the best and most current data available,” Schmitt said.

Schmitt’s House Bill 1961 stems from the Public Pension Management and Asset Investment Review Commission (PPMAIRC), which recommended legislation to provide investment performance data on a July to June basis. Currently, the reports are produced on a calendar year basis. The calendar year reports would continue to be produced.

“The state’s fiscal year runs from July to June so it makes sense that a report on one of the largest budget line items is also released in that timeframe,” Schmitt said.

This legislation would allow policymakers, pension plan members and beneficiaries, and the public to better compare investment performance between the two statewide pension systems, as well as among other systems across the nation.

Schmitt’s bill is part of a package of bills that also includes House Bills 1962 and 1963 to address the state pensions systems. The package was approved by the House State Government Committees on Tuesday.

For more information on Schmitt and his legislative priorities, please visit RepLouSchmitt.com or Facebook.com/RepSchmitt.

Representative Lou Schmitt
79th Legislative District
Pennsylvania House of Representatives

Media Contact: Greg Gross
RepLouSchmitt.com / Facebook.com/RepSchmitt