In December, consulting actuary Buck reported that PSERS had reached a 6.38 percent average annual rate of return across the prior nine years, just barely above the minimum threshold of 6.36 percent and thus averting a rate increase.
Those calculations were called into question at the time and, more recently, PSERS admitted that they may have been incorrect.
On Friday night, after a nearly 2-hour-long executive session with no public discussion, PSERS’ audit committee approved hiring two law firms to investigate the error and offer recommendations.
Author(s): Wallace McKelvey
Publication Date: 19 March 2021
Publication Site: PennLive