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The Pennsylvania Public School Employees' Retirement system has hired a management firm amid a federal investigation due to a 2020 miscalculation,
The fund hired Verus Investments, a Seattle-based firm that will take over “monitoring and oversight of investment,” the job previously done by PSERS Chief Investment Officer James Grossman.
Grossman has not resigned, however, the fund considers this an emergency hire to monitor and oversee investments during “internal and external investigations” of PSERS investments, the fund told PennLive.
The fund reversed its previous stance of telling employees the investment meant they would not have to contribute high payments to support their retirement on Monday.