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92%  
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Keyword: psers

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  • Embattled Pa. teacher pension fund subpoenaed by SEC over ‘compensation and gifts’ to staff

    09/25/2021 9:20:10 PM PDT · by lightman · 13 replies
    Pennlive ^ | 25 September A.D. 2021 | Angela Couloumbis
    The U.S. Securities and Exchange Commission has joined the FBI in the investigation of Pennsylvania’s biggest pension fund, subpoenaing records about its board’s adoption of a false figure for its financial performance — and about improper “compensation and gifts” possibly offered staff. State employees are forbidden from accepting such gifts under a ban imposed by Gov. Tom Wolf. The subpoena issued to the PSERS school pension plan Friday was the first indication that investigators are looking into possible presents or money from investment advisers and consultants. The FBI and federal prosecutors launched a criminal probe of the $70 billion PSERS...
  • ‘Someone got hosed’: A pension system’s real estate ambitions and the deal that drew the FBI

    07/07/2021 11:06:13 AM PDT · by lightman · 16 replies
    Pennlive ^ | 7 July A.D. 2021 | Wallace McKelvey
    Pistachios in California, citrus in Florida, hotels, retail malls and mobile home parks across 18 states. And, let’s not forget, the former site of The Patriot-News in downtown Harrisburg. Pennsylvania taxpayers own all this and more thanks to several decades’ worth of investments made by the Public School Employees’ Retirement System (PSERS), the pension fund that safeguards the retirements of some 500,000 educators statewide. The pension fund reported $1.2 billion in directly-owned real estate investments nationwide through the start of this year, a figure that — according to internal documents — includes various costs, including “site development” at the former...