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52°
Sunday, may 5
Tag:
Public School Employees' Retirement System
News
FBI Investigating Pennsylvania School Pension Fund After Miscalculation
Pennsylvania's Public School Employees' Retirement System is under investigation by the FBI due to a 2020 miscalculation. PSERS admitted in a statement on March 12, that an outside consultant's calculation about the fund's investment performance last year was incorrect. The calculation showed a growth of 6.38% over nine years ending June 30, 2020, this would be about the 6.36% threshold meaning 100,000 active PSERS members who are still school employees would be protected from a higher risk-sharing contribution rate scheduled to start July 1 of this year. On March 12, the board held a clo…