Pennsylvania's Public School Employees' Retirement System has named state Rep Glen Grell, R-Hampden Township, executive director effective May 1.The position hinges on completion of all necessary approvals and background checks.
PSERS, one of two major public employee pension funds in Pennsylvania, is the 20th largest state-sponsored defined benefit public pension fund in the nation. As of Dec. 31, PSERS had net assets of roughly $51.7 billion and a membership of more than 263,000 active school employees and nearly 214,000 retirees.
Grell was first elected to the House of Representatives in 2004, serving eastern Cumberland County. For five years he has served as chairman of the South Central Republican caucus. He also served on PSERS Board of Trustees from 2009 to January.
In 2011, he co-sponsored the bill that placed capital city Harrisburg into receivership.
Previously, Grell was deputy general counsel to Gov. Tom Ridge and also worked in private practice with several local law firms.
"I believe my experience in public pension policy issues will be of great value as I work with the Board of Trustees and the men and women who make up PSERS," Grell said in a statement.
Pension debt has been a talking point among state lawmakers. Last year the three major rating agencies downgraded Pennsylvania's general obligation bond rating, citing the commonwealth's failure to tackle a $50 billion unfunded liability.
Moody's Investors Service rates the bonds Aa2. Fitch Ratings and Standard & Poor's rate them AA.
Grell in 2013 advocated an overhaul plan that would have create a new retirement benefit tier for future employees and encourage elective changes to existing member plans, while issuing $9 billion in pension obligation bonds.
He holds a bachelor's degree in political science from Johns Hopkins University in Baltimore and a degree from Dickinson School of Law in Carlisle, Pa.
