Pennsylvania Public School Employees' Retirement System, Harrisburg, discovered an error in its reported investment performance figures, confirmed Evelyn Williams, spokeswoman for the $64.2 billion pension fund.
An independent consultant is analyzing the data and an independent law firm will investigate.
Ms. Williams declined to disclose the error or any additional details "until the independent law firm conducts their investigation."
On Dec. 3, PennPSERS announced it had increased its annual employer contribution rate to 34.94% for the fiscal year ended June 30, 2022, up from the current rate of 34.51%.
This increase in its contribution rate followed the board accepting results of an actuarial valuation report prepared by Buck Consultants.
Per the report, PennPSERS posted a net return of 1.11% for the fiscal year ended June 30, and a net annualized return of 6.38% for the nine years ended June 30, as calculated by Aon, the pension fund's investment consultant.
A Buck spokesman said in an emailed statement that “Buck’s work does not include calculating investment return statistics, which are provided by a third party employed by (PennPSERS). If a third-party error has occurred, it may be necessary for us to revise our reporting accordingly."