private-equity
How Pa. teachers’ pensions fit into the feud between Oz, McCormick
The argument goes something like this: Starting in 2012, PSERS, which pays for 500,000 former teachers, principals, and other school employees retirements, decided to make a new investment in Bridgewater Associates, a Connecticut-based financial services firm that McCormick worked at from 2009 until 2022 — first as president, then as CEO.
Still primed for public life, ex-Pa. Treasurer Torsella reflects on pensions and bipartisanship
Though he may be out of office, former Pennsylvania state Treasurer Joe Torsella still thinks he has much to offer the state of Pennsylvania.
Pa. Treasury Twitter account to shut down, leaving legacy of snarky, relatable PR
In a farewell message, the account, run by previously unnamed Treasury employees, announced it was shutting down.
Teachers’ pension fund adopts new, more transparent travel policy after revelations of hidden L.A. trip costs
The policy was introduced and adopted in response to the Capital-Star’s reporting on unaccounted for travel expenses by pension fund employees.
Pension travel policy reforms meet pushback from teachers
Teachers sitting on the Pennsylvania’s educator pension board voiced their concerns Thursday with a reform proposed by the state’s Democratic treasurer and a Republican lawmaker. The brief, polite disagreement over how to reform the transparency and approval travel costs at the Public School Employees Retirement System comes in response to undisclosed trip expenses at the […]
Incomplete review by Pa. teachers’ pension fund finds $160k in travel spending
The review was initiated by Pennsylvania Public School Employees Retirement System’s board last March following the Capital-Star’s reporting.
Capital-Star’s reporting prompts Pa.’s teacher pension fund to audit travel expenses to L.A.
Pennsylvania’s largest pension fund is auditing its travel expenses after reporting by the Capital-Star revealed opaque expense records for cross-country travel.
At Harrisburg pensions panel, private equity firms pitch their soundness as investments
Thursday’s panel featured four private equity executives from firms that PSERS is currently invested in, including two firms based in Pennsylvania. The panelists explained the industry, answered audience questions, and addressed criticism that the industry is too opaque or that its profits come at the expense of workers.
Pa. pension employees are taking pricey trips to Beverly Hills. But the costs are hidden. Why?
Pennsylvania pension fund employees annually fly to California to check on investments. But the full cost of those trips are shielded from public view. Why?
What is private equity and why are Pa. lawmakers concerned about the tens of millions of dollars of your money tied up in it?
What does a private equity firm do? And why has its work, which attracts rich individuals and well-endowed institutions, become a source of controversy?
Pension board OKs $300 million investment in private equity firm connected to prisons, student debt
Despite activist prodding, Pennsylvania’s Public School Employees’ Retirement System board voted Friday to approve a $300 million investment in a private equity fund that’s connected to prisons and student debt collection. PSERS currently manages more than $50 billion to provide benefits to 200,000 retired school employees. Decisions on investments are made by a 15-member board […]