A new report details how a key financial calculation played a role in the financial performance of Pennsylvania’s largest public pension.
According to an investigation by Spotlight PA, documents show an error attributed to “data corruption” during one month led to more than 100,000 employees paying more into their retirement system—known as PSERS.
The report says the error was quite small, but enough to put the returns over a state-mandated performance goal.
As a result of the mishap, the FBI has launched an investigation, along with an internal review by PSERS.
This is the latest in a string of issues for PSERS, which has had its fund performance questioned by some elected officials for the past couple of years.