Pension Crisis

Hefty Raise for Manager of Underfunded PA Pension Raises Eyebrows

At least somebody is doing well

|

One of Pennsylvania's two pension funds is facing $14 billion in unfunded debt, but that didn't stop one top executive from claiming an 8-percent pay raise this week.

The board for the State Employees Retirement System, or SERS, voted on Wednesday to give the raise to Anthony Clark, the fund's chief investment officer.  Clark's pay will climb to $270,000 annually, up from $250,000.

The pension fund has an estimated unfunded liability of more than $14 billion, though it did report stronger than expected returns for 2012.