The vote targets what it says are almost $300 million directly invested in Russia and Belarus.
The Pennsylvania school pension board to discuss divesting Russian assets.
The omitted information set the stage for the board to vote to certify an incorrect and exaggerated sum for its investment performance.
A report commissioned by the board of Pennsylvania’s largest public pension system shows that a consultant took responsibility for an errant calculation about the fund’s investment performance.
An internal review into PSERS’ exaggerated profit figure was presented to board members Monday, but it’s unclear if and when the public will learn the results.
Federal agencies have been looking into PSERS’ adoption of an exaggerated number for investment profits as well as the fund’s purchase of real estate near its Harrisburg offices.
Leaders of the fund have become increasingly upset over what they perceive as “leaks” about the botched investment calculation scandal that has led to multiple federal investigations.
The top two executives at Pennsylvania’s largest public pension system will leave their jobs, amid two federal investigations and criticism over lackluster investment returns. The resolutions were approved at Thursday’s meeting of the $62 billion Public School Employees’ Retirement System’s board.
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.
