Maybe I'm just naive, but I'm baffled by McClelland's comments about pensions. PSERS has mismanaged the teachers' pension fund to a funded ratio just above 60%, placing PA comfortably in the bottom quartile. Historically somewhere around half of AUM are in "alternative investments" with high expense ratios.
And McClelland just ignores this mess and instead targets the Keystone Saves program requiring more employers offer self-directed IRAs to their employees. As if the average working class citizen could compete with PSERS when it comes to "invest[ing] retirement funds in "alternative assets"". At least PSERS' use of Bridgewater Associates was useful for McCormick attack ads.
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Maybe I'm just naive, but I'm baffled by McClelland's comments about pensions. PSERS has mismanaged the teachers' pension fund to a funded ratio just above 60%, placing PA comfortably in the bottom quartile. Historically somewhere around half of AUM are in "alternative investments" with high expense ratios.
And McClelland just ignores this mess and instead targets the Keystone Saves program requiring more employers offer self-directed IRAs to their employees. As if the average working class citizen could compete with PSERS when it comes to "invest[ing] retirement funds in "alternative assets"". At least PSERS' use of Bridgewater Associates was useful for McCormick attack ads.
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