Pennsylvania’s Largest Pension System Under Investigation

HARRISBURG, Pa. (AP) – Pennsylvania’s largest public pension system is disclosing that it is dealing with a federal investigation, although officials atop the Public School Employees’ Retirement System have yet to publicly disclose the nature 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 system said it is investigating a consultant’s calculation about the fund’s investment performance that is wrong. The board, late Tuesday night, approved a resolution after a long closed-door meeting to hire a law firm to represent it “in matters relating to a federal investigation.”