PSERS Trustees Yank Their Request to Oust Executive Director, CIO ai-cio.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ai-cio.com Daily Mail and Mail on Sunday newspapers.
(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.
Pennsylvania State Capital Bureau
Pennsylvania’s Public School Employees’ Retirement System has been embroiled in controversy, and a miscalculation could have thousands of members in the system start to contribute more to their retirement funds in July.
Here s an explanation of what happened and what it means:
What’s PSERS?
PSERS has more than 500,000 members, about half of them teachers, and should not be confused with SERS, which is the State Employees Retirement System that has far fewer retirees.
Currently, PSERS is valued at about $64 billion.
A 15-member board oversees PSERS.
Board members include the state secretaries of banking and securities, and education; the treasurer; an appointee of the governor (currently vacant); five retired or working system members; two school board representatives; two state House members, one from each party; and two state Senate members, one from each party.
PA teachers pension system embroiled in controversy What to know poconorecord.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from poconorecord.com Daily Mail and Mail on Sunday newspapers.