Pennsylvania’s Public School Employees’ Retirement System has been embroiled in controversy, and a miscalculation could have thousands of members in the system start to contribute more to their retirement funds in July.
Here’s an explanation of what happened and what it means:
PSERS has more than 500,000 members, about half of them teachers, and should not be confused with SERS, which is the State Employees’ Retirement System that has far fewer retirees. Currently, PSERS is valued at about $64 billion.
In late March, the PSERS board announced that it was investigating a consultant’s apparently incorrect risk-sharing calculation concerning the fund’s investment performance.
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