The state's teachers' pension plan has backtracked on an official disclosure form that said its top investment staff was paid by a firm managing its real estate in Harrisburg.
Handout Under FBI investigation, Pennsylvania s $64 billion public school pension fund sought to backtrack on previous disclosures that staffers were working on both sides of real estate dealings.
Amid an FBI investigation, the mammoth PSERS pension plan has disavowed as poorly worded an official disclosure form that said its top investment staff was also being paid by a firm hired to manage its real estate in Harrisburg.
The fund said that in fact no one on its staff had received any “additional compensation” even though the forms said they were paid employees of both the retirement plan and the realty firm. The $64 billion fund said it has filed replacement disclosures with the IRS “correcting this error.”
WHYY
By
Angela Couloumbis, Spotlight PA ; Craig R. McCoy and Joseph N. DiStefano, The Philadelphia InquirerJune 9, 2021
Under FBI investigation, Pennsylvania’s $64 billion public school pension fund sought to backtrack on previous disclosures that staffers were working on both sides of real estate dealings.
This story originally appeared on Spotlight PA.
Amid an FBI investigation, the mammoth PSERS pension plan has disavowed as poorly worded an official disclosure form that said its top investment staff was also being paid by a firm hired to manage its real estate in Harrisburg.
The fund said that in fact no one on its staff had received any “additional compensation” even though the forms said they were paid employees of both the retirement plan and the realty firm. The $64 billion fund said it has filed replacement disclosures with the IRS “correcting this error.”
As the staff of Pennsylvania’s largest pension fund cope with an FBI investigation, the employees have one thing to comfort them generous fund-paid coverage if they need a lawyer. Officials of the $64 billion PSERS plan have confirmed that at least eight staffers have hired lawyers since the investigation began under a policy that will pay up to $40 million in total legal bills in any one .