PENNSYLVANIA (WHTM) — A new report into the Public Schools Employee Retirement System (PSERS) has found no criminal activity in the mishandling of teachers’ retirement funds.
A federal investigation has been underway for over a year after PSERS miscalculated its investment returns. The mistake resulted in 100,000 teachers paying more out of their paychecks toward their retirements. There has been upheaval on the board and several investigations but the report mostly suggests unintentional human error.
“What happened there was an error in the calculation that triggered all of this. There was no criminal wrongdoing. I think that’s really important. People’s reputations are on the line,” PSERS Board Member, Re. Frank Ryan (R) said.
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Since the probe began, PSERS Executive Director Glen Grell and Chief Investment Officer James Grossman have retired and the search for their successors is on.