FOR IMMEDIATE RELEASE
December 19, 2008
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Senate Republicans Urge PSERS to Return Bonuses Awarded to Staff 

Senators Jane Orie (R-Allegheny), John Rafferty (R-Montgomery), and John Eichelberger (R-Blair) are taking issue with the recent decision by the Public School Employees' Retirement System (PSERS) to offer bonuses to their investment staff, at the same time that their employee pension investments were losing significant amounts of money.

The senators recently wrote to PSERS urging them to return bonuses they recently offered staff.

Eichelberger is sponsor of legislation to ban bonuses throughout the Commonwealth.  The senators said they will aggressively advocate for its passage in the General Assembly in the upcoming legislative session.

The senators were particularly disappointed that, in light of the financial market, PSERS elected to award bonuses recently, rather than ending the bonuses immediately.

"In a year when the General Assembly and the Governor are cutting funds from budgeted programs; in a year when cost of living increases are being returned to the state treasury; in a year when the Governor is seeking give backs from state employees, why should you be any different?" the senators wrote. "We hope you reconsider your position on the bonus awards."

A copy of the letter is attached.