Pensions
PSERS, Aon Settle Lawsuit for $7M
The accounting firm admitted to errors in a 2020 risk analysis, significantly disrupting the Pennsylvania education workers’ plan.
Tag: Pennsylvania Public School Employees Retirement System
Pensions
Pennsylvania PSERS Drops Aon as Consultant
Aon admitted fault for the 2020 mistakes that led to the resignations of pension fund leaders, and the fund has moved on to a new consultant, Verus Investments.
Asset Allocation
Pennsylvania PSERS Reports Preliminary 3.54% Return for 2023
The $72.8 billion pension fund also launched a new strategic plan and hired an external derivatives manager.
Asset Allocation
‘Ongoing Market Changes’ Lead to Penn PSERS Allocation Adjustments
The $72 billion pension fund aims to reduce risk by cutting back its allocations to private markets and absolute return.
Pensions
Pennsylvania PSERS Sues Aon Over Accounting Error
The pension fund accuses Aon of breach of contract, breach of fiduciary duty and negligence.
Manager Selection
Pennsylvania PSERS Names New CIO, Tapping UAW Investment Official
Benjamin Cotton fills the position has been vacant for a year amid probes and controversies.
Manager Selection
PSERS Posts Ad for New CIO
The $75 billion pension fund is looking for its first permanent CIO since Jim Grossman resigned last year.
Pensions
Justice Department Ends Investigation of Pennsylvania PSERS
A 2020 accounting error had prompted the investigation that lasted for more than a year.
Newsmakers
PSERS Internal Investigation Into Miscalculated Returns Released
Critical pieces of information still remain missing.
Manager Selection
CIO, Executive Director Resign From Embattled Pennsylvania PSERS
Jim Grossman will stay on until May, while Glen Grell will leave at the end of February.
Regulation
SEC Reportedly Subpoenas PSERS Over Alleged Compensation, Gifts
The regulator is also seeking information on a financial misstatement from 2020 that triggered a contribution increase.
Asset Management Culture
PSERS Trustees Yank Their Request to Oust Executive Director, CIO
Board members at the beleaguered pension fund withdrew their call for a vote of termination at Friday’s meeting.
Asset Management Culture
Six Pennsylvania PSERS Trustees Seek Termination of Executive Director, CIO
The board members are asking that a vote of no confidence be called at Friday’s pension board meeting.
Pensions
FBI Said to Seek Evidence of Kickbacks, Bribery at Pennsylvania PSERS
State’s largest pension fund has reportedly spent over $1 million for reporting error damage control.
Pensions
PSERS Recertification Triggers Contribution Increase
Thousands of Pennsylvania teachers will have to pay more in contributions starting in July.