State Officials Talk Pensions and Pot on WNPV

State pension funds and legalizing marijuana, the two topics were center stage on Comment Please By Univest Thursday afternoon with two top state official on the program.

State Treasurer Joe Torsella says two state pension funds continue to be under-funded and he adds, his office carried out a calculation concerning the two pensions.

“That over ten years if the two funds had pursued a simpler
Low cost strategy, the kind of strategy that you or I might follow in our 401K, the kind of strategy like Jack Vogel and Warren Buffett have counseled for large investors, like pension funds, the fund together would have saved billons in fees and they would be much better funded on the order of 70 percent or better.”

Torsella says a commission formed through legislative action is looking to save 1.5 billion dollars in each fund.
State Auditor General Eugene DePasaquale continues to push for the legalization of marijuana.

“If we simply did what Colorado is doing right now with regulating and taxing it, it would mean 581 million dollars in revenue for the state, and so just from the fiscal side of it, it saves a lot of money and bring in a lot of revenue and a more rational way to deal with this issue.”

DePasquale says, Ohio and New York will likely legalize marijuana, which he says, will leave Pa. behind. DePasquale says, in state’s like Colorado, opioid use has been reduced since the state legalized marijuana. DePasquale and Torsella were guests on WNPV’s Comment Please By Univest Thursday.