Posts tagged Public School Employee Retirement System
PENNSYLVANIA: Shapiro Appoints Teachers’ Union Fox to Oversee PA’s Pension Henhouse
November 30, 2023 // espite that huge infusion of money, however, the plan reported a $40 billion deficit, and retirees had not seen a benefit increase in nine years. Meanwhile, according to The Inquirer, PSERS “is still paying lawyers to deal with the fallout of a scandal touched off by an exaggerated profit report and scrutinized land deals. More than $6 million has been paid already, and ongoing litigation suggests an internal probe that coincided with investigations by federal authorities left some unanswered questions. The PSERS fund is also offloading $1.4 billion in “directly owned real estate,” some of it priced at a loss, but officials wouldn't say how much of the proceeds would go to the agency or how it might be reinvested.”