In December 2020, the PSERS Board certified the employee contribution rates for fiscal year 2021-22. The consultant who performed a calculation used to support this certification has now notified the Board that its calculation contained an error. The Board is investigating the circumstances regarding the consultant's calculation as well as the actions taken by PSERS' staff and the consultant after the consultant's disclosure. At this time, the Board has taken no personnel action.
The Board, as well as PSERS and its staff, have always, and will continue to, fully cooperate with both the Board's internal investigation and with any governmental inquiries, driven as always by one goal – the best interests of the members and beneficiaries of the System.