Daily News | PSERS approves litigation, seeks ‘emergency’ replacement for consultant blamed in 2020 error
The $70 billion Pennsylvania school pension system has agreed to “commence litigation” over a two-year-old report thatOfficials of the system, known as PSERS, won’t confirm who the lawyers are preparing to sue. As The Inquirer
From 2021: Internal PSERS documents show how Pa’s biggest pension fund got key financial calculation wrong After a closed-door discussion that lasted more than an hour, PSERS trustees agreed at a Tuesday night special meeting to authorize Blank Rome LLP, the Philadelphia law firm, to begin legal action “with respect to matters related to the 2020 risk share calculation error.”
from 100,000 mostly younger teachers and other school staff, under a state law that kicks in when the system misses multi-year investment targets.Besides telling Blank Rome to go ahead and litigate, trustees approved an “emergency procurement” proposal to hire a firm for “investment consulting services including all asset classes and investments.” That’s the job Aon — then known as Aon Hewitt Investment Consulting Inc. — was hired to do, most recently in a five-year, $3.
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