State of Pennsylvania - Auditor General, Public School Employees’ Retirement System and State Employees Retirement System

IFS recently started a comprehensive fiduciary review of the investment programs and practices of these two funds, with combined assets of approaching $80 billion. One aspect of IFS’ work is designed to provide support for the Auditor General’s performance audit on several topics. IFS is evaluating many aspects of the investment programs of the two funds, compared to industry best practices, including, for example, the funds’ investment processes and policies concerning asset allocation, manager selection, risk management, brokerage, custody, securities class action litigation, staffing and resources and other matters.