Securities & Exchange Commission closes its investigation into PSERS

The Pennsylvania Public School Employees’ Retirement System (PSERS) has been informed by the Securities & Exchange Commission (SEC) that based on the information it has received to date, it has concluded its investigation of PSERS without recommending any enforcement actions be taken.

The SEC’s communication was received Thursday in a letter sent to PSERS’ outside counsel, according to a news release. PSERS is the state’s largest public pension fund.

“We are pleased with the developments today from the SEC and equally excited to be sharing such positive news with our members,” board Chairperson Richard Vague said.

The investigation was prompted after the disclosure of an embarrassing error in investment return calculations in December 2020. In addition to the SEC, the U.S. Department of Justice started an investigation that officially ended in August 2022 with no criminal charges filed.