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 .
A dissident group of trustees for Pennsylvania’s largest pension fund on Wednesday was seeking to gain majority support to fire the retirement plan’s chief executive and top investment officer, as the fund grapples with an FBI investigation and management mistakes.The dissidents have drafted and are circulating a detailed seven-page letter castigating the investment strategy and governance of .
A growing band of board dissidents says PSERS leaders must leave immediately to fix “an irrevocable loss of trust and confidence that is a consequence of persistent underperformance."