The Pennsylvania Public School Employees' Retirement System (PSERS) Board of Trustees was recently made aware of an error regarding the reporting of investment performance numbers which were used in the December 2020 certification.
An outside consultant is in the process of analyzing the data in detail. In addition, the Board has delegated to the Audit Committee the authority to select independent outside counsel and oversee a special investigation.
PSERS will indicate when there is more to communicate around this ongoing issue.
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About the Pennsylvania Public School Employees' Retirement System
PSERS, founded in 1917, began operations in 1919 to oversee a statewide defined benefit pension plan for public school employees. PSERS' role expanded upon the passage of Act 5 of 2017 to include oversight of two new hybrid options consisting of defined benefit and defined contribution (DC) components and a stand-alone DC plan. As of Dec. 31, 2020, PSERS had net assets of $64.2 billion and a membership of about 256,000 active, 240,000 retired school employees and 26,000 vested inactive members.