Share:
Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | January 11, 2023 06:24 PM |
|---|---|
| From: | Senator Katie J. Muth |
| To: | All Senate members |
| Subject: | Making All Public Pension Investment Contracts Public Documents |
| In the near future, I will be introducing legislation that would require all of Pennsylvania’s public pension investment contracts to be subject to the state’s Right-to-Know Law. Under current state law, certain documents related to the Commonwealth’s public pension system investments are exempt from the Right-to-Know Law. This exemption prevents the public, including enrollees and annuitants, from fully understanding where funds are invested and under what terms and conditions. Decreased transparency in pension funds results in less accountability, an increased risk of potential corruption, and fiscally irresponsible investments. Opponents of public pension transparency typically cite trade secrets or the release of sensitive information as their justification for shielding these contracts from the public. However, in the past, nearly all public pension contracts were public records, even those with alternative investment management firms. Intense Wall Street lobbying in the early 2000s changed that when they successfully convinced state legislatures across the country to pass laws to limit disclosure. There is no justification for keeping secrets from taxpayers, active enrollees, and retirees who all financially support or pay into our state’s public pension funds. Cosponsor this legislation to enhance transparency and protect the Commonwealth’s public employees’ retirement savings. |
Memo Updated: January 11, 2023 06:25 PM