The pension fund that covers Pennsylvania teachers is continuing to come under scrutiny for what some call a lack of transparency.
The Public School Employee Retirement System pension—known as PSERS—is now being sued by Senator Katie Muth, who sits on their board.
She’s demanding to see a full report from an internal investigation into how the $72 billion fund is being managed.
“The board was given an oral presentation, but there were slide decks and the board was not given any of this in advance. No documents were given, and no notes that you could take on advance, other than the notes you took while following along,” Muth said. “And I think the most frustrating part was the lack of scope on questions that I asked specifically that left out information.”
Muth says over a four year period, PSERS paid $4.3 billion in management fees, which was $100 million more than members paid in to the fund.