Pension & Investments Daily - April 14, 2005

Pennsylvania Public School Employees' Retirement System and the Pennsylvania State Employees' Retirement System, both of Harrisburg, today signed an agreement with Auditor General Jack Wagner allowing state audits of the two funds' investment performance... The auditor general's office and the two funds also signed a contract with Independent Fiduciary Services... IFS will conduct a fiduciary review of operations at each fund and will assist with the audits. The audits and IFS' fiduciary review are set to begin immediately; there is no timetable on completion. The audits will examine the funds' selection and monitoring of investment managers, advisers and consultants, as well as organizational structures and resources. They will also look at the funds' efforts to recover money lost in corporate scandals.