Six of the 15 PSERS board members call on Grel, the exile of Grossman

This story was originally Spotlight PA..

Six trustees of Pennsylvania’s largest pension fund voted for all 15 boards on Friday to become $ 64 billion CEO as the fund is working on an FBI investigation and management error. I asked you to dismiss the Chief Investment Officer.

Opponents sent a detailed letter on Thursday morning sharply criticizing the leadership of PSERS Executive Director Glen Grell and Chief Investment Officer James H. Grossman Jr. Grell. State legislator. Grossman, the highest-paying state employee, leads a 50-member unit that oversees the fund’s investment strategy, which is central to his and Grel’s complaints.

The letter that Spotlight PA and The Inquirer got a copy of Draft obtained on Wednesday In the news room. It filed detailed proceedings against leaders’ investment choices and blow them up as expensive, poorly performing pieces that serve the interests of venture capital and private equity.

It also portrays the PSERS of 350 employees as a Topsy Turby Agency. Managers exclude a panel of appointed and elected educators and politicians from important decisions, even if the overall fund’s performance lags behind similar public funds.

The letter was signed by Republican State Treasurer Stacy L. Garrity and went out on her letterhead. With a bipartisan twist, she has joined Democratic Board member Joe Torsella. Joe Torsella was returned to the PSERS board this year by Democratic Governor Tom Wolf after Gality defeated Torsera as a treasurer last fall.

Two other board members associated with Wolf—his bank secretary Richard Vague and his deputy education secretary Noe Ortega—also signed. So did Nathan G. Mains, the leader of the State Board of Education Association.

The group also includes Senator Katie J. Muse (D., Montgomery), who soon emerged as the board’s most candid critic after joining the board on behalf of the State Senate Democratic Party at the end of last year. I did. On Tuesday, she took the unusual step of suing the agency in which she was sitting, saying she had blocked access to key fund documents.

Opponent Brock says the board should vote to show that Grel and Glen are “not confident”, dismiss them, and appoint an interim chief for investment. PSERS recently hired Seattle consultant Verus Investment for $ 810,000 to oversee Grossman’s work and noted that authorities are working on an FBI investigation.

Among the nine board members who are about to sign, Christopher Santa Maria, a teacher and former union leader at Lower Merion School, and the state’s largest teachers union, who have firmly defended PSERS managers. There are several other board members who belong to PSEA.

PSERS — Public School Employee Retirement Plans — is one of the 25 largest pension plans in the United States. We send $ 6 billion in retirement checks each year to 265,000 former teachers and other school staff.

Six of the 15 PSERS board members call on Grel, the exile of Grossman

Source link Six of the 15 PSERS board members call on Grel, the exile of Grossman

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