PSERS board freezes private investments, but move to oust bosses fizzles msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
HARRISBURG Lacking a board majority, six dissident members of the PSERS pension fund backed away Friday from their push to fire the plan’s top two leaders. But they helped derail a proposal to pump another $1 billion into so-called alternative investments the kind of investment the critics say has generated only high fees and lackluster results.In a rare public boardroom rebellion .
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 .