Daily News | A fight at the heart of PSERS: Who is in charge at the big pension fund? The board or its executives?
that the agency’s executives were “divorced” from the board. The letter cited years of “repeated governance failures,” such as last-minute dumping of information on the board.
Elson also faulted the leaders’ decision not to share the results of an alternate method of calculating investment returns when board members asked about it.Executives did not share all their information when the board of the $73 billion PSERS plan held a crucial vote in late 2020 certifying a figure for investment profits. The executives say they did so because the figure in question was flawed and didn’t take into account the most up-to-date data, the Womble report said.
The three men all rejected the critical findings in the Womble report. In a response included with the report, Grell’s lawyers said the real estate buysThe full Womble report is here. Grell’s lawyers noted that in June 2020, Grell told Carl in an email regarding the calculation: “I want to play it straight and let the chips fall. I know you do too.”
The messages reveal that Grell gave an early heads-up to the leader of the state’s main teachers’ union, the Pennsylvania State Education Association, or PSEA, that the fund’s profits would be sufficient to spare teachers a pension contribution increase.The five PSEA members on the board have generally been faithful allies of the fund’s executives.
Torsella and Flannigan were asking about the figures as computed for the fund’s Consolidated Annual Financial Report, or CAFR. The plan’s management, meanwhile, had presented the board a different set of numbers prepared by Aon, the big consulting firm that tracks PSERS’ finances. These figures had more up-to-date information about returns on investments, managers maintained.
The managers quickly determined that, yes, the CAFR-based count would produce a different figure –- in fact, a number low enough to trigger pension-plan contribution hikes. Under state law, current teachers have to pay more into the system if returns fall short of a certain hurdle or target.
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