Pensions & Investments – April 18, 2005

The $52 billion Pennsylvania Public School Employees’ Retirement System and the $26.6 billion Pennsylvania State Employees’ Retirement System signed an agreement allowing state audits of the two funds’ investment performance. The agreement settles pending litigation.

The auditor general’s office and the two funds also signed a contract with Independent Fiduciary Services to conduct a fiduciary review of operations at each fund, and to assist with the audits. The audits and IFS’ fiduciary review are set to begin immediately; there is no timetable on completion.