Wolf: Pa. to save $5.6 million by managing own investment funds

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Pennsylvania Gov. Tom Wolf.

CAMP HILL, Pa. - Pennsylvania will take over management of three of its investment funds from private firms to save about $5.6 million annually, Gov. Wolf and Treasurer Timothy Reese said Thursday.

The savings will be to the three funds - the State Workers' Insurance Fund, the Workers' Compensation Security Fund and the Underground Storage Tank Indemnification Fund - the governor's spokesman said.

"We want to make sure Pennsylvanians are getting the most bang for their buck," Wolf said.

The governor's office said the State Workers' Insurance Fund is currently managed by 24 firms, the Workers' Compensation Security Fund by 12 firms and the Underground Storage Tank Indemnification Fund by nine firms. Together, the three funds are worth approximately $2.3 billion.

The move does not require legislation, Wolf said.

- Karen Langley