PSERS
Muth, Rothman Introduce Bill to Simplify Retirement for Teachers with Military Service
HARRISBURG – January 5, 2024 − Sen. Greg Rothman (R-34) and Sen. Katie Muth (D-44) today introduced bipartisan legislation to ensure Pennsylvania teachers who serve in the military have adequate time to purchase military service toward their Public School Employees’...
Wall Street Secrets Pit $75 Billion Pension Plan Against Trustee Tasked With Protecting It
When State Senator Katie Muth joined the board of the Pennsylvania teachers’ pension fund last year, she knew she had a lot to learn: With a college degree in athletic training, her financial education consisted largely of paying off her student loans. But she saw the...
PSERS’ legal bills jump as FBI and SEC continue probes of Pa.’s largest pension fund
Investigations into PSERS have cost the teachers’ pension plan $4.5 million in legal and adviser bills since March 2021, state records show. That’s enough to pay 170 retirees the average pension of $26,000 for a year. The system invests $75 billion for half a million...
Wall Street Is Fleecing a Bunch of Teachers
A new era in the decade-long battle by retirees and whistleblowers to halt massive transfers of wealth out of retirement funds and into Wall Street firms could be at hand, thanks to the case of Katie Muth. Muth, a Democratic Pennsylvania state senator, is one of...
Commonwealth Court Unanimously Overrules PSERS Preliminary Objections
HARRISBURG − March 15, 2022 − In an opinion filed earlier today, Commonwealth Court unanimously overruled all seven of the preliminary objections filed by the Pennsylvania Public School Employees Retirement System (PSERS) in their continued fight to prevent access to...
Senator Muth Virtual Press Conference: Public Pensions & Transparency
Big report on PSERS says former chief executive withheld information from board
The former top executive of Pennsylvania’s largest pension fund was warned by his chief financial officer that its figure for profits might be too high, but instructed his senior staff not to share the cautionary information with the plan’s board, a new...
Key consultant refused to cooperate with probe into Pa.’s $73 billion school pension: sources
HARRISBURG — A $484,000 probe of Pennsylvania’s biggest pension fund by a law firm hired by the retirement plan was undermined by the refusal of a key consultant to cooperate, people familiar with the inquiry said Monday. Aon Consulting, a Chicago firm that played a...
Big Pa. pension fund says it won’t require board to sign secrecy oaths to hear key report
Members of the board of Pennsylvania’s $73 billion school pension fund won’t be required to sign non-disclosure agreements before hearing the long-awaited findings on Monday of an internal investigation into the mammoth plan. The Public School Employees’ Retirement...
SB961: Require PSERS/SERS to Participate in Appropriations Committee Budget Hearings
AG Shapiro and GOP candidates call for pension plan to disclose investigation results
Key Pennsylvania lawmakers are growing impatient with delays by the board of the state’s biggest pension fund in disclosing the results of an internal investigation into the $73 billion plan. And the call for public disclosure of the probe has become a rare issue on...
PSERS’s own consultant finds the fund’s board has been poorly led and suffers from a lack of trust
Pennsylvania’s largest pension fund lacks a cohesive plan on how to invest its billions. It has ignored calls to improve its financial reporting. And its auditors looked the other way while PSERS staff engaged in worldwide luxury travel and billed retirees and...
PSERS top two leaders announced retirement plans on Thursday
HARRISBURG, Pa. (WHTM) — It is the largest pension system in Pennsylvania, nearly half a million current and former teachers are in it and its top two officials announced they were retiring on Thursday. Change is coming at PSERS, which oversees 72 billion in pension...
A probe of Pa.’s largest pension fund is nearly done, but taxpayers may never know the results
After months of work, prolonged silence from pension fund management, and more than $175,000 in legal bills, a law firm has just about completed its investigation into sweeping problems at the $73 billion, taxpayer-supported public pension plan for Pennsylvania...
PSERS chief counsel steps down as board approves contested lawyer fees
After 33 years as a lawyer for the state of Pennsylvania, Jackie Wiest Lutz spent just 10 months as Chief Counsel for the troubled PSERS pension plan before announcing her retirement Wednesday, as directors approved paying nearly $1.2 million to outside law firms...
Here’s how Pennsylvania’s school pension fund keeps its communications secret from the public
In December 2020, Pennsylvania’s largest pension fund adopted a figure for investment profits that its executives said was rock solid. “We did our due diligence,” the chief investment officer of the PSERS fund told its board. The number was wrong. In April, the board...
Two Pa. treasurers — one current, one former — agree giant pension fund is suppressing information
Pennsylvania Treasurer Stacy Garrity and Joe Torsella, whom Garrity defeated in last year’s election, have joined legal forces to challenge the leadership of the state’s biggest public pension plan, saying that the leaders had wrongly cut off information from a...
PSERS leaders seek to gag board members over leaks to media
Upset at leaks about a federal investigation of the PSERS pension fund, leaders of the beleaguered plan’s board have cut off other board members from legal briefings about the probe — and are considering demanding that they sign nondisclosure agreements before they...
The wrong font, misplaced staples leads to unusual court rebuke of Pa. teachers’ pension fund
A state appellate court told Pennsylvania’s teachers’ pension system, and its well-paid outside legal counsel, to take a mulligan on a legal filing over the staples and font sizes they used in a brief filed last week. The two-page order, issued by the Commonwealth...
Muth Renews Call for Removal of PSERS Staff: Says inaction is risk for teacher and taxpayers
June 30, 2021 - Senator Katie Muth sent the following letter to PSERS Board Chairman Christopher SantaMaria calling for the removal of PSERS staff: Says inaction is risk for teacher and taxpayers: [pdf-embedder...
What is PSERS? A look inside the pension fund being investigated by the FBI
You’d be forgiven if the phrase “pension scandal” makes your eyes glaze over. Try this, instead: $40 billion. That’s roughly — and this number is always a moving target — the amount Pennsylvania taxpayers are on the hook for. This figure, the “unfunded liability,”...
Senator Katie J. Muth’s Response to Chairs of PSERS Board and Audit Committee
June 18, 2021 − PSERS Board Chairman Christopher SantaMaria and Rep. Frank Ryan, chair of the Board’s Audit and Compliance Committee, released a joint statement in response to my seeking judicial relief in the Commonwealth Court as a result of...
Muth Offers Suggestions on Transparency Improvements for PSERS Board and Staff
June 18, 2021 - Senator Katie Muth sent the following letter to PSERS Board Chairman Christopher SantaMaria offering suggestions on transparency improvements for PSERS Board and Staff: [embeddoc...
Senator Muth Demands Access to Vital Information
HARRISBURG − June 8, 2021 − Earlier today, Senator Katie Muth (D- Montgomery/Chester/Berks) filed a Complaint in the Commonwealth Court of Pennsylvania following several months of continuously being denied documents and information needed to legally perform in her role as a Board Member for the Public School Employees’ Retirement System (PSERS). The Complaint for Declaratory and Injunctive Relief seeks to require PSERS to provide information regarding the public pension fund in a timely manner.