CAMP HILL, Pa. — Pennsylvania’s governor is moving three state-run funds to the Treasury Department in a move expected to save more than $5 million in investment fees.
Democratic Gov. Tom Wolf on Thursday said the department is taking over a $1.4 billion state workers’ insurance fund , a $700 million worker’s compensation fund and a $200 million underground storage tank indemnification fund .
The savings won’t do much to help the state’s massive budget deficit, but they will help bolster the three funds with the savings.
Treasurer Timothy Reese, who’s leaving office next week, says the investments are relatively simple and the change isn’t expected to require additional employees.
Officials say the three funds have been generating fees for 30 private money managers.
Wolf is delivering his budget proposal to the Legislature on Feb. 7.