Pensions
Penn SERS Returns 12.2% in 2023
Pension returns were boosted by equities, while real estate lagged.
The pension fund also rehired NEPC as its real estate investment consultant.
No rise in member contribution rates expected for fiscal year that starts July 1.
Deals are expected to fall far short of 2021’s record-breaking level.
Pension fund reports third straight year of double-digit investment gains, but falls short of benchmark.
The top two positions at the $39 billion pension fund have turned over in less than half a year.
He replaces Seth Kelly, who resigned last month after less than a year at the post.
Pension board also approves reduction in assumed rate of inflation to 2.5%.
State retirement system board also confirms James Nolan as acting CIO.