December 13, 2013 |
The board of the underfunded Pennsylvania State Employees' Retirement System (SERS) voted Wednesday to hire outside experts for assessment and advice for dealing with allegations against its chief investment officer, Anthony S. Clark . Clark, 60, chose last week to retire from his $270,000 job running the state workers' pension fund after the SERS board locked him out of his office due to allegations against him, which the board has declined to describe...
August 16, 2016 |
New Jersey's generous but underfunded public pension system bought billions of dollars' worth of hedge funds in the years after other states began having second thoughts about the risky, high-fee funds. Now it's getting out, also late. Pennsylvania invested billions and laid out hundreds of millions of dollars for hedge-fund fees, starting in the early 2000s. It was a hedge-fund pioneer. "I was open-minded," then-state workers' pension system (SERS) chairman Nicholas Maiale recalled, when he stepped down from the job after Gov. Tom Corbett declined to reappoint him in 2013.
September 17, 2013 |
Second of two columns on this topic. The $25 billion Pennsylvania State Employees' Retirement System (SERS) has been buying real estate since 1984. It's been a drag on the fund for most of the last decade. The system, which pays for the pensions of retired state employees and must finance the retirements of today's state workers, still owns about $3 billion in real estate. It pays private investment firms roughly $1 for every $100 worth of property they manage for the state, and more when they actually make money.
February 6, 2011 |
The Pennsylvania State Employees' Retirement System (SERS) spends a quarter of a billion dollars a year on private money managers, in hopes they'll make more money to pay future pensions. Under Nicholas Maiale , a former state representative from South Philadelphia who has been chairman of SERS' board since 1992, and especially since then-Gov. Tom Ridge boosted pensions in 2001 without raising more funds to pay for them, SERS has become one of the most intensively managed public pension systems in the nation.
December 8, 2013 |
Anthony S. Clark, chief investment officer of the Pennsylvania State Employees' Retirement System (SERS), has told the system he plans to retire Dec. 31. Clark's early retirement follows SERS's decision to begin investigating his actions while an executive of the $25 billion asset fund. Clark, 60, has held the job since April 2011. He is paid $270,000 a year, more than Gov. Corbett but less than many of the investment managers Clark reviewed, hired, and fired as managers of state pension investments.
January 24, 2014 |
Directors of Pennsylvania's $27 billion State Employees' Retirement System (SERS), meeting in a closed-door session in Harrisburg, agreed Wednesday to hire the Philadelphia law firm Obermayer Rebmann Maxwell & Hippel L.L.P. to investigate questions raised by an unnamed SERS employee last spring that led to the early retirement of chief investment officer Anthony Clark. Lawyers for Gov. Corbett's administration spent April to December reviewing allegations by the unnamed employee that Clark spent time trading investments for himself while on the job, and that he had not reported on schedule losses at a hedge fund he had recommended to invest $250 million in state money.
September 19, 2014 |
An investigation into an unsuccessful investment by the Pennsylvania State Employees' Retirement System (SERS) has "found no evidence of illegality" by Anthony Clark, the system's former chief investment officer, who persuaded the system to pump $250 million into Tiger Management Advisors as the first step in a planned hedge fund strategy. "Whether Clark intentionally misled the board by seeking to conceal Tiger's poor performance is open to question," the investigator, former acting state attorney general Walter Cohen, added in his two-page note to the board summarizing his findings.
May 21, 1987 |
A reporter's questions have resulted in a $55,000 bonus for Gov. Casey. "What a disaster," said Pittsburgh Post-Gazette reporter Harry Stoffer after it was announced yesterday that his inquiries to the state's retirement system led to a discovery that the system owes Casey $54,915.64. "Being a watchdog of state government is supposed to work the other way," Stoffer said while walking through the Capitol newsroom to the hoots of fellow reporters. "You're supposed to make public officials give money back.
June 26, 2011 |
The Pennsylvania State Employees' Retirement System (SERS) invested $20 million in Radnor-based Cross Atlantic Capital Partners Inc.'s first technology venture capital fund, back in 1999 during the dot.com boom, when then-Gov. Tom Ridge hoped it would help fund higher pensions. Twelve years later, the taxpayer-supported system had gotten back just $19 million of its first investment, and no profit, according to its Dec. 31 report. In 2001, SERS voted to put an additional $32.9 million with Cross Atlantic Technology Fund II . It's gotten back not quite $19 million.
September 16, 2013 |
If you want to watch people gamble their own money, head to the casino. To watch people bet your money, go see a monthly board meeting of the $25 billion Pennsylvania State Employees' Retirement System (SERS) , where the trustees - elected officials and government appointees - are always learning on the job. SERS has a problem: Funded partly by the state (which is to say, taxpayers), partly by state worker payroll deductions (also from taxpayers), and partly by investments, it now has less than 60 cents set aside for every dollar it expects it will have to pay more than 100,000 retired public servants and the smaller number of active workers when they retire.