PA teachers pension system embroiled in controversy What to know therecordherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from therecordherald.com Daily Mail and Mail on Sunday newspapers.
The federal investigation of Pennsylvania’s $64 billion pension fund for teachers has come into sharper focus with reports that officials are examining both the plan’s inflated estimates of its returns and its spending spree on Harrisburg real estate. The probe by federal prosecutors and the FBI is exploring how top executives of the fund, known as PSERS, responded when word spread internally .
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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.
Under FBI probe, pension fund hires manager to oversee Pa s highest paid government employee pennlive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pennlive.com Daily Mail and Mail on Sunday newspapers.