HARRISBURG, Pa. (WHTM) – Pennsylvania’s Public School Employees’ Retirement System (PSERS) says they’ve been informed by the U.S. Department of Justice that it has closed its investigation of PSERS.
The year-long federal investigation came after PSERS miscalculated its investment returns, which resulted in 100,000 teachers paying more out of their paychecks toward their retirements. A report released in February found suggested unintentional human error was to blame for the mistake.
PSERS Board Chairman Chris Santa Maria released a statement on the investigation Tuesday afternoon.
“We understand from the closure of the investigation that DOJ will not be pursuing civil or criminal charges. We have not further comment at this time, as the SEC investigation remains ongoing.”
PSERS oversees $72 billion in pension funds for 500,000 current and retired school employees.