Times Tribune – Gov. Tom Corbett selected an apt metaphor for the impact of the state’s two big, underfunded public pension plans on the government and taxpayers. He described them as a “tapeworm” within the state budget, voraciously devouring hundreds of millions more dollars every year.
The plans themselves might be suffering from a parasite of their own, a concern recently raised by state Auditor General Eugene DePasquale. Pennsylvania’s plans, together, have more than $7 billion invested through hedge funds that consume massive fees while, in most cases, producing modest returns.
