An internal review of PSERS' exaggerated profit figure was presented to board members Monday, but it's unclear if and when the public will learn the results.
Story by Angela Couloumbis of Spotlight PA, Joseph N. DiStefano of The Inquirer and Craig R. McCoy of The Inquirer
Lawyers with Womble Bond Dickinson, the firm hired by the PSERS board in March to conduct an internal investigation and compile a report, spent more than eight hours Monday briefing the board on its findings, cautioning that Aon’s refusal had denied investigators a big piece of the puzzle. All but one of the 15 fund board members attended the session, either in person or remotely.The $73 billion pension fund hired Womble in March as it learned that federal prosecutors, the FBI, and the U.S.
In an apologetic letter to PSERS, Steve Voss, head of Aon Investments for North America, said investment-performance data had been corrupted by “inadvertent clerical mistakes at a data-entry level.” Several board members have lambasted the NDA and said they would refuse to sign it. Gov. Tom Wolf and other political leaders have called for the Womble report to be made public. After several days of debate over the NDA, the pension fund clarified that members would not be required to sign it. It was not known Monday how many board members did so.
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