Charged with finding $3 billion in savings, Pennsylvania’s pension review board may have already reached their mark.

In a hearing Thursday of the Public Pension Management and Asset Investment Review Commission — set up by the 2017 pension reform bill — testimony from two experts to the commission revealed that the state might have paid $3.8 billion in unreported fees over the past ten years.

Specifically, the fees appeared to come from carried interest, or money a private equity firm, especially on alternative investments, takes in excess of its share of a partnership.

Following up on last year’s pension reform bill, Rep. Mike Tobash (R-Schuylkill) and State Treasurer Joe Torsella announced the start of a review of the state’s retirement system Wednesday.

The bipartisan duo serve as the chair and vice chair, respectively, of the Public Pension Management and Asset Investment Review Commission. 

Pittsburgh City Controller Michael Lamb released the city’s Comprehensive Annual Financial Report for 2017 Tuesday. Lamb reported that Pittsburgh, whose fiscal year ended New Year’s Eve, is on the road to financial stability, but still has much room to grow.

As part of his 2018 budget address Monday morning, Pittsburgh Mayor Bill Peduto said he is sending a letter to the Commonwealth seeking the removal of the city from Act 47 financially distressed status and ICA oversight, of which it’s been under since 2004.

In his message to Gov. Tom Wolf and the Department of Community and Economic Development Secretary Dennis Davin, Peduto laid out his plans to cement the fiscal reforms learned through the Act 47 process to protect the city from entering the distressed status again.

With several weeks behind the signing of Act 5 of 2017, some leaders of public employee labor unions are reflecting on their role in the process and what they did differently from other pension-reform attempts that eventually led to the enactment of this legislation.

At the beginning of June, the Senate-advanced Senate Bill 1—a pension reform plan that overhauled the current pension system that was used in the commonwealth—was created after six or seven drafts from ongoing negotiations.

The bi-partisan legislation was created through agreement from all four legislative caucuses as well as Gov. Tom Wolf and his administration.