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Alternative Market Briefing

PSERS Investigation deepens, union calls on CIO to resign

Friday, June 11, 2021

Bailey McCann, Opalesque New York:

The battle over the Pennsylvania Public Employees' Retirement System is heating up. The pension system, which is under investigation by the FBI over potential misstatements and insider deals surrounding its investment strategy, was sued this week by a member of the board.

According to the Pittsburg Post Gazette, Pennsylvania State Senator Katie Muth has sued PSERS seeking financial records she says the pension failed to turn over to her. Senator Muth argues that she's been asked to vote on financial decisions without the proper information. The pension says that it hasn't provided the records because of its ongoing investigations.

The FBI launched an investigation of PSERS following reporting in the Philadelphia Inquirer that questioned recent investment deals the pension was involved in as well as the fees being paid to managers. So far, one teacher's union within the PSERS system has called on the CIO and executive director to resign for breaching fiduciary duty.

According to the most recent report, the executives are refusing to step down. PSER's CIO James H. Grossman Jr......................

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