News

Pa. pension fund chief says he's resigning

Written by The Associated Press | Dec 31, 2013 4:41 AM

(Harrisburg) -- The chairman of Pennsylvania's state employee pension system says he's stepping down partly because of state Treasurer Rob McCord's criticism of the handling of misconduct allegations against its chief investment officer.

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Nicholas Maiale said Monday he was largely responsible for hiring the investment chief, Anthony Clark, and that McCord's comments have unnecessarily raised the ``noise level'' surrounding the State Employees' Retirement System.

Maiale says he agreed to leave the board after conferring with Corbett's office. Corbett spokesman Jay Pagni says his boss didn't ask Maiale to resign.

Clark, who's retiring from his $270,000-a-year job today, is not charged with any crime.

A spokesman for McCord, a Democrat who's running for governor and also serves on the pension board, says he's eager to see whom Corbett appoints as its next chairman.

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