Pennsylvania’s Wolf Targets Wall Street Fees in Tackling Pension

To ease Pennsylvania’s pension obligation, Governor Tom Wolf isn’t targeting public workers, the focus in neighboring New Jersey and around the country. He’s eyeing payments to Wall Street.

The first-term Democrat is calling for Pennsylvania’s two pension systems to reduce investment-manager fees that are higher than the average U.S. public plan. He’s also counting on Wall Street banks to market bonds the state would use to bolster one of the funds.