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Updated Statement from PSERS 3/16/2021

03/16/2021

The Audit Committee is meeting Wednesday 3/17, Friday, 3/19, and Monday 3/22. The Wednesday 3pm meeting agenda and live event link are posted on PSERS website as per the usual process.  The Friday and Monday meeting information will also be provided on the website when it is confirmed.  PSERS will indicate when there is more to communicate around this ongoing issue and will provide more information in the days and weeks to come.

In light of recent articles who quoted unnamed "source(s)" the Board Chair and Vice Chair have issued the following additional comments.

PSERS Board Chair Chris Santa Maria stated, "We do not have any information at this time that anything criminal occurred. Our present concern resulted from the admission of an error by one of our outside consultants. This error was brought to the attention of the Board by PSERS management. We expect the law firm will conduct a complete investigation and provide us with a thorough factual review of what occurred."

PSERS Board Vice Chair and Audit and Compliance Chair Rep. Frank Ryan stated, "I am very thankful for the leadership of our Board Chair who has been incredibly supportive of a fair, accurate, and timely investigation. The entire Board has been unanimous in our work and the management team has been extremely cooperative."