Pa.’s largest pension plan hires lawyers to probe its mistake

Link: https://www.mcall.com/news/pennsylvania/mc-nws-pa-pension-plan-mistake-20210320-stmldhnvkzhrblhdy5wizltiay-htmlstory.html

Excerpt:

The board of the $62 billion Pennsylvania public school pension system on Friday hired a pair of law firms to look into what the fund is now calling a “misstatement” in its profit reporting.

The Anglo-American law firm Womble Bond Dickinson will investigate what the board had previously called an “error,” while Philadelphia-based Morgan Lewis will check the math and tax issues.

The mistake may have wrongly spared teachers a potential hike in their pension payments while simultaneously passing that burden onto taxpayers.

Author(s): JOSEPH N. DISTEFANO

Publication Date: 20 March 2021

Publication Site: The Morning Call