PENNSYLVANIA, USA — The top two executives at Pennsylvania’s largest public pension system will leave their jobs, amid two federal investigations and criticism over lackluster investment returns.
The resolutions were approved at Thursday's meeting of the $62 billion Public School Employees’ Retirement System's board. Executive director Glen Grell and chief investment officer Jim Grossman still have weeks left in their jobs before transitioning to newly created advisory positions for several more months.
Six board members — including Gov. Tom Wolf’s appointees and state Treasurer Stacy Garrity — first voiced displeasure in June, saying the system's poor investment performance has cost taxpayers billions of dollars over the prior decade.
