Pennsylvania Public School Employees' Retirement System

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Not to be confused with Pennsylvania State Employees’ Retirement System.
Pennsylvania Public School Employees' Retirement System
FoundedJuly 18, 1917
Headquarters5 North 5th Street
Harrisburg, Pennsylvania
Key people
Glen R. Grell, Executive Director

Brian S. Carl, Chief Financial Officer

James H. Grossman Jr., Chief Investment Officer
Total assets$59 billion[1] (2020)
Websitehttp://www.psers.pa.gov

The Public School Employees’ Retirement System (PSERS) is a pension fund for public school employees in the Commonwealth of Pennsylvania. Eligible members include all full-time public school employees, part-time hourly public school employees who render at least 500 hours of service in the school year, and part-time per diem public school employees who render at least 80 days of service in the school year in any of the 775 reporting entities in Pennsylvania.[2]

As of June 30, 2020, the System had nearly 256,000 active, 240,000 retired, and 26,000 vested inactive members, with an estimated annual active payroll of $14 billion. The annuitant membership as of June 30, 2020 is over 240,000 retirees and beneficiaries who receive over $530 million in pension and healthcare benefits each month. The average yearly benefit paid to annuitants is $25,753.[2]

Under the Internal Revenue Service (IRS) Code, the PSERS pension plan is classified as a 401(a), governmental defined benefit plan. A defined benefit plan means that your retirement benefit is determined by a formula which includes a retirement factor, years of credited service, and the final average salary.[3]

History[]

The pension plan was established on July 18, 1917 to provide retirement benefits to public school employees of the Commonwealth of Pennsylvania.[4]

Investments[]

As of February 2021 the fund holds $60 billion in assets.[5] In a 2018 report, the bi-partisan Pennsylvania Public Pension Management and Asset Investment Review Commission found that the fund under-performs because it holds poorly performing private investments that command high investment fees. When compared with other state funds ranked by investment returns, PSERS ranked 50 out of 52.[6]

Fees[]

In 2020 the fund reported paying substantial fees to private fund managers since 1980, amounting to $5 billion in fees and expenditures[7] and $5.1 billion paid in previously unreported performance fees or "carried interest."[8]

The fund has been criticized for its high-fee and private equity investments. It spent $740 million in calendar 2019 on money managers alone;[9] $293 million in fees and expenses plus $448 million in "carried interest."[10]

The FY 2020 Investment Expenses Report shows "Total Investment Expenses: FY 2014 – FY 2020" on page 8, and "Private Equity, Private Credit, & Private Real Estate Management Fees, Carried Interest, & Other Expenses" for calendar 2018 and 2019 on page 5.[11] Neither table appears to include all investment expenses. The calendar-year expenses ($741 million for CY 2019; $729 million for CY 2018) are consistently higher than the fiscal-year expenses ($515 million for FY 2020; $450 million for FY 2019), apparently because the calendar year table includes substantial "carried interest" from private equity investments that is not included in the fiscal year table, which reports private equity "profit sharing" of zero on page 7. Conversely, the fiscal year table includes public investment types that are not included in the calendar year table, which explicitly includes only private investment types.[12] The $515 million in fees shown for FY 2020 on pages 7 and 8, which apparently excludes private equity carried interest, matches the total investment expenses reported in the FY2020 annual report, pages 44 and 82.

Holdings[]

Alternative Investments[]

In 2008 the fund began investing in alternative investments, which are riskier investments outside the traditional stock market that often carry high fees. As of May 2021, 51% of the fund was invested in alternative investments. In 2018 the fund increased its investment in a trailer-park venture owned by Stockbridge Capital Group, citing "its demonstrated track record of increasing home rental rates."[13] It also invested in a prisoner phone use service owned by Platinum Equity. In 2016 it invested in an asset owned by Glencore called "Oilflow SPV 1 DAC." With this financial vehicle, Glencore wanted to make loans to Kurdistan in Iraq, backed by oil in the region.[14] In September 2018 an announcement was filed with the Cayman Islands Stock Exchange claiming that the oil exports of the Kurdistan Regional Government had fallen by 50% after the Iraqi Army took over the Kirkuk oil fields.[15]

As of June 2021, 63% of the fund is invested in alternative investments.[16]

Real Estate[]

The fund has put about 10% of its money into real estate.[17] In fiscal year 2014 it directly owned at least $286 million in real estate. It has owned farm land and commercial fruit farms in Florida, Washington and California and apartments and gated communities in Florida. It bought the Atlanta Airport Marriott hotel in 1987 and The Galleria at Fort Lauderdale for $125 million[18] in 1993.[19]

It has spent $13.5 million acquiring properties near to its Harrisburg headquarters since 2017. The fund spent $1.6 million acquiring the former Patriot-News newsroom and printing plant from Alden Global Capital, which had acquired the properties for $644,000 only six months prior.[17]

PSERS owns part of , a real estate management company that owns over 200 mobile home parks.[20]

The fund has invested in LEM Multifamily Fund VI from Philadelphia-based LEM Capital, owned by former Penn State University board chair . The strategy of the LEM fund is to "add value and increase rents" by buying and renovating aging apartment buildings. Over 20 years, PSERS has paid more that $200 million in fees to funds owned by Lubert.[21]

Investment Groups[]

Since 2006 the fund has invested $1.6 billion in funds managed by The Blackstone Group. Blackstone has collected more than $300 million in fees from PSERS.[22]

Thomas Tull[]

The fund has invested $200 million in ventures owned by billionaire Thomas Tull. In 2018 the fund invested $100 million in holding company Tulco LLC.[23] In a closed door session on September 14, 2020, the PSERS board voted to invest another $100 million in a venture code-named "Project Newton."[24][25] Reporting in the Philadelphia Inquirer revealed this as an investment in another Tull-owned company named "Figs", which sells boutique hospital scrubs.[26]

Scandals[]

Inflated Return on Investments Figure[]

In December 2020 PSERS investment managers told the board that the fund's growth had averaged 6.38% over the last nine years.[27] This figure was just 0.02% above the 6.36% threshold that would trigger increased pension plan payments to 8% per paycheck[28] from approximately 100,000 school employees hired since 2011.[9] Regarding the calculation, chief investment officer James Grossman said, “We did our due diligence. We covered it. I’m not worried about it.”[28] This performance figure was calculated by Buck Global, LLC from PSERS data supplied by consulting firm AON Investment Consulting. The board thought that the fund's performance in 2020 would be poor and might trigger a pension payment increase and hired another consultant, ACA Compliance Group to calculate the performance figure independently.[9] ACA confirmed the 9-year market value return of 6.38%.[29]

The 9-year performance was calculated as the geometric average time-weighted rate of return, net of fees, per pages 8-9 of the Valuation Board Presentation[27] as shown in the "Rate used" column of the following table. The 6.36% threshold for the shared risk determination is based on the 9-year geometric average of the target rates, minus 1.0%, per pages 9-10, as shown in the "Target" column. The "Historical" column, except FY2020, is based on the 49 Year History of PSERS Fiscal Year Rates of Return.[30] Journalist Joseph DiStefano compared the rates used with the historical rates from annual fiscal reports and observed "While the differences were often tiny, the upgrade was sharp for one year, 2015."[31]

Comparison of Target rate, Rate used in calculation, and Historical rate
Year Target Rate used Historical
FY2020 7.25% 1.11% 1.11%
FY2019 7.25% 6.66% 6.68%
FY2018 7.25% 9.26% 9.27%
FY2017 7.25% 10.20% 10.14%
FY2016 7.25% 1.33% 1.29%
FY2015 7.50% 3.41% 3.04%
FY2014 7.50% 14.82% 14.91%
FY2013 7.50% 7.95% 7.96%
FY2012 7.50% 3.44% 3.43%
Geom Avg 7.36%-1.0[32] 6.38%[33] 6.34%[34]

At the Board of Trustees meeting in January 2021, 35% of the board voted against the investment proposals of PSERS staff in an apparent show of dissatisfaction at the administration of the funds under the direction of Glen Grell. The board also voted to hire an outside law firm to investigate an apparently inflated investment return target that may have cost taxpayers at least $25 million.[35]

In March 2021 the FBI began an inquiry into the pension fund.[36] The fund's audit committee hired law firm Womble Bond Dickinson to investigate how the inflated investment return figure was approved. It hired law firm Morgan Lewis to review re-balancing the payments teachers and taxpayers make into the fund and to determine if the fund may have lost some federal tax exemption status due to its investments. In 2019 and 2020, PSERS budgeted $227,000 for legal expenses. It has requested $352,000 for 2021.[37]

On April 6, 2021, state treasurer Stacy Garrity acknowledged that the fund was under federal investigation. The PSERS board voted unanimously to hire New York law firm Pillsbury Winthrop Shaw Pittman LLP to deal with the investigation.[37]

On April 9, 2021, a fourth law firm became involved, when the PSERS board resolved to retain the law firm of Sidley Austin LLP to represent and advise the Board in matters involving PSERS and its employees related to a Federal Investigation and related issues.[38] Sidley Austin was replaced by Morgan Lewis in this role on April 19, 2021 by PSERB Resolution 2021-15.

On April 19, 2021 the PSERS board passed PSERB Resolution 2021-16, amending PSERB Resolution 2020-52, to increase the contribution rates for certain teachers, "certifying the actual nine-year performance figure of 6.34%".[39] The amended performance figure in this resolution triggers an increase of the annual deduction from the paychecks of approximately 100,000 public school employees. Teachers and educational staff hired since 2019 will contribute 8.25% of their pay, the remaining employees will contribute 8%, up from 7.5%.[40]

After its March 5, 2021 meeting, "The Board subsequently ordered a total review of all performance data to identify any additional errors."[39] This concern over possible additional errors appears to be justified, as not only the erroneous 9-year return but also the 3-year, 5-year, and 10-year average returns of 5.62%, 5.64%, and 7.70%[41] respectively, reported on page 92 of the FY2020 annual report are consistent with having used the inflated "Rate used" column.[2] Using the historical column instead, gives 5.63%, 5.63%, and 7.66%,[42] respectively. The reported FY2011 return of 20.37% is used for both 10-year calculations.

Harrisburg Real Estate[]

In early April 2020, the fund revealed it had been served with a grand jury subpoena, without revealing the subject of the documents requested by the grand jury.[38] By April 18, 2020 it was reported that the subject of the investigation was the fund's authorization of $13.5 million used to purchase properties and demolish buildings near its Harrisburg headquarters.[17]

The fund hired several law firms to investigate the purchase and evaluation of properties it bought in Harrisburg. These properties include:[43]

  • A $1.6 million purchase of the old Patriot-News printing plant and newsroom in 2017
  • A $450,000 purchase of three parking lots near 10th and Market Streets in 2018
  • A $200,000 purchase of an additional property on Market Street in 2019
  • A $785,000 purchase of two additional parking lots on Market Street in 2020

The money for the 2019 and 2020 purchases came from a $5 million appropriation by the board on October 11, 2019. The two addresses and information about the purchases were not disclosed to the public. Both properties were made through shell companies[43] with addresses at the fund's post office box.[17]

In 2017, the fund created a non-profit, 812 Market Inc., to hold titles for the Harrisburg real estate. IRS filings state that three PSERS employees– Chief Investment Officer James Grossman, Deputy Chief Investment Officer Charles Spiller and Real Estate Portfolio Manager William P. Stalter– are members of the board. The fund filed contradicting reports regarding their compensation as members of the board, some filings state they are unpaid and others that members of the board are paid by PMI Property Management, Inc. The fund said it amended these contradictory disclosures but did not say when they were amended.[44]

Board Members Call for Firing of Fund Executive Director and Chief Investment Officer[]

On June 10, 2021 six members of the 15 member PSERS board called for other board members to join them in a vote to fire Executive Director Glen Grell and CIO James Grossman, select an interim Executive Director, and expand the use of Verus Investments as a temporary outsourced CIO. The letter cites the fund's poor performance and is signed by State Treasurer Stacy L. Garrity, Secretary of Banking and Securities Richard Vague, Acting Secretary of Education Noe Ortega, State Senator Katie Muth, Former State Treasurer Joe Torsella and CEO of the PA School Board Association Nathan G. Mains.[45]

CIO James Grossman defended himself and Glen Grell, citing their recent investment in Figs, a manufacturer of stylish hospital scrubs, which had a successful public stock offering.[46] The fund is not permitted to sell its shares until November 2021 at the earliest.[21]

Jason Davis, a board member who did not sign the letter responded, saying "A four-times improvement is the grand slam. Well done to you and the team." When Grell was asked about the call for his firing, he said "I don’t know what you’re talking about."[21]

The six members calling for the resignations did not have a majority and thus did not call for a vote at the June 11, 2021 board meeting. Regarding the matter, board chair Christopher Santa Maria said only “We had a personnel matter. Those members have asked to withdraw their request. The item has been removed.” Republican board member Frank X. Ryan and five working or retired educators from the Pennsylvania State Education Association did not support the call for fund management to resign.[47]

Days later, PSERS board member Eric DiTullio, who also serves on the board of the Seneca Valley School District, criticized the move in a letter to approximate 4,500 school board members, writing “certain members have been engaged in politicking to get their way instead of open honest communication and discussions based in fact.” His letter also defended the fund's divestment from U.S. stocks and claimed there was no relation between the FBI interrogation and an exaggerated fund performance figure approved by the PSERS board in December 2020. The FBI served pension fund leaders with grand jury subpoenas in March 2020 asking for "any and all" records regarding the inflated fund performance calculation.[48]

Investment Advisors Sued by Public School Teacher[]

In June 2021, Kevin Steinke, a Delaware County public school teacher, sued two of the funds investment consultants alleging that their poor investment advice has cost the fund billions of dollars, forcing teachers to pay approximately $26 million a year in additional pension contributions to cover the difference. Named as defendants are investment firms Aon Investments USA of Chicago and Hamilton Lane Advisors of Bala Cynwyd, Pennsylvania, in addition to 812 Market, a holding company formed by the fund. The lawsuit cites two recent FBI investigations regarding an inflated investment returns figure and Harrisburg real estate, luxury travel and expenses by fund investment staff, and the fund's high-fee investments.[49]

Administration[]

PSERS is administered by a 15-member Board of Directors[50] and is an independent administrative board of the commonwealth of Pennsylvania.[51] They administer the system and as trustees have exclusive control of the fund and power to invest the fund.[51]

The stated mission of the board is to provide timely and accurate payment of benefits, maintain a financially sound system, prudently invest the assets of the system, communicate members and employers rights and responsibilities and effectively manage the resources of the system.[52]

Composition of the Board of Trustees[]

Board members consist of:[51]

  • Secretary of Education
  • State Treasurer
  • Secretary of Banking and Securities
  • Executive Secretary of the Pennsylvania School Boards Association
  • one person appointed by the Governor, subject to approval by the Senate
  • three persons elected by the active professional members of the System
  • one person elected by the active nonprofessional members of the System
  • one person elected by the annuitants and eligible Class DC participants
  • one person elected by members of the Pennsylvania public school boards
  • two State Senators and two members of the State House of Representatives

The two Senators are appointed by the President pro tempore of the Senate, one from the majority party and one from the minority party. The two House members are appointed by the Speaker of the House, one from the majority party and one from the minority party.[51]

Board Members[]

As of February 2021, current members are:[53]

Administrative Staff[]

Glen Grell resigned from the Pennsylvania House of Representatives to become Executive Director in 2015.[55] Chief Financial Officer Brian Carl joined PSERS in 1995 and became CFO in 2008.[56]

James Grossman joined PSERS in 1997, became a deputy chief investment officer in 2011 and was promoted to chief investment officer in 2014.[57] As of February 2021, Grossman makes $485,000 a year, most in state government.[5] In late April 2021, Verus Investments, a Seattle-based investment firm, was hired to relieve Grossman of his responsibility of "monitoring and oversight of investment." Despite being relieved of this responsibility, Grossman remains in his position.[40] Verus will be paid $810,000 over six months in 2021 to help oversee the fund's investments.[58]

As of early 2021 the Internal Auditor position is vacant.[59]

See also[]

References[]

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  6. ^ DiStefano, Joseph N. "Pennsylvania's underperforming pension funds need new investment approach, state warns". The Philadelphia Inquirer. Retrieved 2021-02-23.
  7. ^ "PSERS - direct fees - thru 2019 report (12-2-20)". embed.documentcloud.org. Retrieved 2021-02-23.
  8. ^ "PSERS - carried interest-(10-12-18)". embed.documentcloud.org. Retrieved 2021-02-23.
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  12. ^ "Pa. PSERS Releases New Investment Expense And Profit-Sharing Reports". psers.pa.gov. Retrieved 23 April 2021.
  13. ^ "PSERS Yes Holdings LP memo" (PDF). 2018.
  14. ^ Walsh, Mary Williams (2021-05-11). "F.B.I. Asking Questions After a Pension Fund Aimed High and Fell Short". The New York Times. ISSN 0362-4331. Retrieved 2021-05-15.
  15. ^ "Announcement | Cayman Islands Stock Exchange". www.csx.ky. Retrieved 2021-05-15.
  16. ^ PA, Joseph N. DiStefano, Craig R. McCoy and Angela Couloumbis of Spotlight. "Six of 15 pension fund board members officially call for removal of plan's top command". The Philadelphia Inquirer. Retrieved 2021-06-11.
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  19. ^ DiStefano, Joseph N. "Why the Pa. teachers' pension fund is buying fruit orchards in Florida and nut farms on the West Coast". The Philadelphia Inquirer. Retrieved 2021-04-19.
  20. ^ "PSERS Yes Holdings LP" (PDF). psers.pa.gov. Retrieved 15 February 2019.
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  22. ^ DiStefano, Joseph N. "Big numbers: Stephen Schwarzman's $25M Abington gift and his firm's $300M+ in fees and profits from Pa. school pensions". The Philadelphia Inquirer. Retrieved 2021-04-28.
  23. ^ "PSERS Public Investment Memorandum" (PDF). 2018-10-04.
  24. ^ "PSERS Board Minutes". 2020-09-14.
  25. ^ DiStefano, Joseph N. "How PSERS has invested $100m with a Pittsburgh billionaire and won't say what it is for". The Philadelphia Inquirer. Retrieved 2021-04-29.
  26. ^ DiStefano, Joseph N. "How a Steelers owner wrote big campaign checks days after $100 million investment from Pa.'s largest pension fund". The Philadelphia Inquirer. Retrieved 2021-04-29.
  27. ^ Jump up to: a b "Pennsylvania Public School Employees' June 30, 2020 Valuation Board Presentation December 3, 2020" (PDF). 2020.
  28. ^ Jump up to: a b DiStefano, Joseph N. "Pa.'s largest pension plan admits 'error' that may have benefited teachers at taxpayers' expense". The Philadelphia Inquirer. Retrieved 2021-04-11.
  29. ^ "PA PSERS BOARD OF TRUSTEES CERTIFIES EMPLOYER CONTRIBUTION RATE FOR FISCAL YEAR 2021-2022". Pennsylvania Pressroom. Retrieved 2021-04-11.
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  39. ^ Jump up to: a b "4/19/2021 - Updated Statement From PSERS Board Of Trustees". 2021.
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  42. ^ "10th root of (1.0111*1.0668*1.0927*1.1014*1.0129*1.0304*1.1491*1.0796*1.0343*1.2037)".
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  44. ^ Craig R. McCoy, Joseph N. DiStefano and Angela Couloumbis of Spotlight PA. "Facing FBI probe, PSERS rewrites records saying staff was paid by outside realty firm". The Philadelphia Inquirer. Retrieved 2021-06-11.
  45. ^ "June 10, 2021 Letter to PSERS Board Chair Christopher Santa Maria". www.documentcloud.org. 2021-06-10. Retrieved 2021-06-11.
  46. ^ DiStefano, Joseph N. "PSERS bet big on this scrubs brand whose IPO boosted a Steelers owner's billions". The Philadelphia Inquirer. Retrieved 2021-06-11.
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  48. ^ DiStefano, Joseph N. "Defender of big pension fund fires back against critics". The Philadelphia Inquirer. Retrieved 2021-06-27.
  49. ^ DiStefano, Joseph N. "Delco teacher files suit against investing consultants to PSERS". The Philadelphia Inquirer. Retrieved 2021-06-27.
  50. ^ "Board Of Trustees". Public School Employees' Retirement System. Retrieved 2021-02-23.
  51. ^ Jump up to: a b c d "Statement of Organization, Bylaws, and Other Procedures of the Commonwealth of Pennsylvania Public School Employees' Retirement Board" (PDF). 2021.
  52. ^ "Board Governance Manual". Public School Employees' Retirement System. Retrieved 2021-02-23.
  53. ^ "Biographies". Public School Employees' Retirement System. Retrieved 2021-02-23.
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  56. ^ "LinkedIn: Brian Carl Chief Financial Officer and Actuary at PA Public School Employees Retirement System".
  57. ^ admin (2014-03-21). "In brief: PSERS names chief investment officer". Central Penn Business Journal. Retrieved 2021-02-23.
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  59. ^ "Organization and Staff". Public School Employees' Retirement System. Retrieved 2021-02-23.

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