The Census Bureau incorrectly listed Pennsylvania as the state whose public pension plans lost the most money last year, according to the Pennsylvania Public School Employees' Retirement System and the Pennsylvania State Employees' Retirement System. In a joint release, the two Harrisburg, Pa.-based plans said the Census Bureau agrees that its recent survey is incomplete and does not provide an accurate financial picture of the state's pension systems. The bureau removed the 2001 survey from its website at www.census.gov.
The $48 billion public school employees' fund and $23.2 billion PennSERS both report their financial information to the bureau using generally accepted accounting principles. In discussions with PennSERS, the bureau said many states use other formats that do not report all investment gains and losses. PennSERS also discovered that the bureau had not added more than $1.2 billion of the system's reported investment gains in the original 2001 survey.
Officials of the Census Bureau could not be reached for comment by press time.