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.
SERS Board votes to drop Russian investments
(*This story was updated at 2:40 p.m. on Friday, 3/4/22 at 2:40 p.m. to clarify that SERS has no financial exposure to Belarus) Officials at the Pennsylvania State Employees Retirement system voted unanimously to divest assets connected to Russia or Belarus as Russia’s war against Ukraine continues to intensify. The move, which was expected, will […]
With Wolf’s encouragement, Pa.’s teachers’ pension fund dumps Russian investments
'We must do what is within our power to bring an end to the suffering of the people of Ukraine,' Gov. Tom Wolf said.
Pennsylvania lawmakers look to pull public funds from Russia amid war in Ukraine
The exact impact of each move will vary, from $1.1 million in Russian-made vodka to potentially billions in retirement funds. But each dollar will count.
The PSERS scandal, explained | Editorial Cartoon
The FBI and SEC are investigating the state teachers' retirement fund.
The wrong font, misplaced staples leads to unusual court rebuke of Pa. teachers’ pension fund
“I have never seen it before,” Duquesne University law professor, and state court watcher, Bruce Ledewitz said. “That could be because lawyers comply with the rules.”
State teachers union calls for Pa. pension board to resign in face of investigations
The union representing 36,000 Pennsylvania educators has called for the resignation of most of the trustees of the state teacher’s pension fund.
Torsella back on PSERS board amid internal and external investigations
In a unanimous vote, the Pennsylvania state Senate voted to send former state Treasurer Joe Torsella back to the state’s teachers pension board. He’ll now rejoin the 15-member board that oversees Pennsylvania’s Public School Employees Retirement System, which manages $64 billion in investments to make current and future retirement payments to more than 600,000 teachers, janitors, […]
Pa. teachers to pay more in retirement contributions as pension fund backtracks on faulty investment data
That would average out to $180 extra dollars out of each teacher's paycheck, but the exact amount will depend on each teacher’s salary, which can vary widely between school districts.
Garrity backs Torsella to boost oversight on teachers’ pension fund amid internal investigation
Gov. Tom Wolf nominated Torsella for the role in February. His return would bring back a once lone contrarian voice to a board with a growing anti-establishment faction.
Pa. teacher pension money ended up in Iraq? Here’s how that happened | Mike Connolly
The investing world isn’t just where rich guys go to get richer. It’s also where we see our public investments grow or be squandered.