Federal officials accused a Pennsylvania adviser of causing public retirement funds to invest in a class of shares with higher fees. In the settlement, he did not admit or deny the allegations.
The board of another big public pension system in Pennsylvania voted Friday to sell off its Russia-related investments, amid bipartisan calls from lawmakers and top state officials to respond to Russia’s attack on Ukraine.
Some PSERS staff believe the probe’s findings could be damaging to their reputations. Their lawyers are pushing for the report to be kept private or contain rebuttals.
The $73 billion PSERS fund won a ruling keeping secret much of its dealings with three consultants who were brought in to probe a key figure for investment profits.
The U.S. Securities and Exchange Commission has joined the FBI in the investigation of Pennsylvania’s biggest pension fund.
The $64 billion pension fund claimed in a new IRS filing that its previous disclosures were poorly worded and filed in “error.”
If the increases take effect, contribution rates would rise starting next July 1 for about 94,000 public school employees, all hired in 2011 or after.
