Philly.com – If you want to watch people gamble their own money, head to the casino. To watch people bet your money, go see a monthly board meeting of the $25 billion Pennsylvania State Employees’ Retirement System (SERS), where the trustees – elected officials and government appointees – are always learning on the job.
SERS has a problem: Funded partly by the state (which is to say, taxpayers), partly by state worker payroll deductions (also from taxpayers), and partly by investments, it now has less than 60 cents set aside for every dollar it expects it will have to pay more than 100,000 retired public servants and the smaller number of active workers when they retire.
