(Bloomberg) A group of trustees at Pennsylvania’s biggest pension is seeking to oust the $64 billion fund’s leadership, citing what they called “poor investment performance,” the latest difficulty at the fund that focused heavily on alternative investments like private equity.
What you need to knowThe $64 billion Public School Employees’ Retirement System (PSERS), one of the nation’s largest pension funds, is embroiled in scandal and has become the target of an FBI investigation.On Thursday, a dissident group of board members called for the firing of the fund’s chief executive and top investment officer, but didn’t yet have enough votes.Amid the rebellion, PSERS .
By MARC LEVY
Associated Press
HARRISBURG, Pa. (AP) â A Pennsylvania state senator is suing Pennsylvaniaâs largest public pension system amid a federal investigation into aspects of the agency s undertakings, saying agency officials have refused to share documents with her, even though she is a board member.
The effort by state Sen. Katie Muth, D-Montgomery, is being opposed by executives at the $64 billion Public School Employeesâ Retirement System, but found support from state Treasurer Stacy Garrity and former Treasurer Joe Torsella, both fellow board members.
âWithholding important documents from a trustee is outrageous,â Garrity said in a statement Wednesday.
Much of what Muth has requested are either documents previously provided to board members or documents that are public records, Garrity said.