The pension fund’s board also approved contract negotiations with its current general investment consultant Cerity Partners Retirement Plan Advisors.
The accounting firm admitted to errors in a 2020 risk analysis, significantly disrupting the Pennsylvania education workers’ plan.
The $72.8 billion pension fund also launched a new strategic plan and hired an external derivatives manager.
The $72 billion pension fund aims to reduce risk by cutting back its allocations to private markets and absolute return.
The pension fund accuses Aon of breach of contract, breach of fiduciary duty and negligence.
A 2020 accounting error had prompted the investigation that lasted for more than a year.
