Apr 8, 2021
HARRISBURG (AP) Pennsylvania’s largest public pension system disclosed Tuesday that it is dealing with a federal investigation, although officials atop the $64 billion Public School Employees’ Retirement System have yet to publicly disclose the nature or scope of the inquiry.
In addition, state Treasurer Stacy Garrity, who is on the pension system’s board, told lawmakers that top PSERS officials have received federal subpoenas.
The disclosures come less than two weeks after the board said in a brief statement that it is investigating a consultant’s calculation about the fund’s investment performance that is apparently wrong, as well as actions by PSERS’ staff and the consultant.
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Pennsylvania pension system officials disclose federal probe
MARC LEVY, Associated Press
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HARRISBURG, Pa. (AP) Officials atop Pennsylvania’s largest public pension system have received subpoenas from federal investigators, although the $64 billion Public School Employees’ Retirement System has yet to publicly discuss the nature or scope of the newly disclosed inquiry.
In addition to giving few details, pension system officials and board members including state lawmakers, two members of Gov. Tom Wolf’s Cabinet and state Treasurer Stacy Garrity have declined to answer questions publicly about what information federal investigators are seeking.
Garrity told lawmakers at a Senate Appropriations Committee hearing Tuesday that “federal subpoenas have been served on several PSERS management officials.”
Pa’s largest pension fund admits for the first time that it’s under federal investigation Joseph N. DiStefano, The Philadelphia Inquirer
Pennsylvania’s largest pension fund board on Tuesday confirmed for the first time that it is a target of a federal investigation and voted to hire more lawyers specifically to help deal with the probe.
Trustees of PSERS voted unanimously to hire the New York law firm of Pillsbury Winthrop Shaw Pittman LLP “to provide guidance to the board in matters related to a federal investigation and any collateral issues,” according to a resolution. It was passed by the board shortly before 10 p.m. after a more than a five-hour meeting. “Well done,” banking secretary Richard Vague told fellow trustees.
Pa.’s largest pension fund admits for the first time that it’s under federal investigation
Updated 1:42 PM;
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By Joseph N. DiStefano, The Philadelphia Inquirer
The board of Pennsylvania’s largest pension fund on Tuesday confirmed for the first time that the plan is a subject of a federal investigation and voted to hire more lawyers to help deal with the probe.
Trustees of the fund, known as PSERS, voted unanimously to hire the New York law firm of Pillsbury Winthrop Shaw Pittman LLP “to provide guidance to the board in matters related to a federal investigation and any collateral issues,” according to a resolution. It was passed by the board shortly before 10 p.m. after a more than a five-hour meeting.
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