Governor Shapiro wants Pennsylvania pension funds to move away from relying on Wall Street money managers. The new governor said late last week that the state needs to decrease its reliance on outside investment contractors, who manage billions of dollars in public money while collecting lucrative state fees. A recent report shows the Public School Employees’ Retirement System paid private managers over a billion-and-a-half dollars for their work in 2021. While governors don’t directly control pension investments, they appoint some members of the pension boards.