Pennsylvania State Capital Bureau
Pennsylvania’s Public School Employees’ Retirement System has been embroiled in controversy, and a miscalculation could have thousands of members in the system start to contribute more to their retirement funds in July.
Here s an explanation of what happened and what it means:
What’s PSERS?
PSERS has more than 500,000 members, about half of them teachers, and should not be confused with SERS, which is the State Employees Retirement System that has far fewer retirees.
Currently, PSERS is valued at about $64 billion.
A 15-member board oversees PSERS.
Board members include the state secretaries of banking and securities, and education; the treasurer; an appointee of the governor (currently vacant); five retired or working system members; two school board representatives; two state House members, one from each party; and two state Senate members, one from each party.
PA teachers pension system embroiled in controversy What to know
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PA teachers pension system embroiled in controversy What to know
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Pa.’s $64 billion educator pension fund under investigation over land purchases, financial results
Updated Apr 30, 2021;
Posted Apr 30, 2021
Public School Employees Retirement System executive director Glen Grell sits alone in the board room at the system s Harrisburg headquarters for a virtual meeting.
(Screenshot from Microsoft Teams call)
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By Joseph N. DiStefano, The Philadelphia Inquirer (TNS)
The federal investigation of Pennsylvania’s $64 billion pension fund for teachers has come into sharper focus with reports that officials are examining both the plan’s inflated estimates of its returns and its spending spree on Harrisburg real estate.
The probe by federal prosecutors and the FBI is exploring how top executives of the fund, known as PSERS, responded when word spread internally that its financial performance might fall short of its official goal, The Inquirer has learned.