Terrill “Terri” Sanchez, executive director of the $77.4 billion Pennsylvania Public School Employees’ Retirement System, Harrisburg, will retire June 27, a news release said.
She took on the role of top executive in June 2022 a few short months after filling the position on an interim basis after she retired in December 2021 as executive director of the $36.4 billion Pennsylvania State Employees’ Retirement System, also in Harrisburg. Previous to her taking on the top role at SERS, Sanchez was deputy executive director at PSERS, which she had originally joined in 1987.
Sanchez’s return to PSERS in January 2022 just one month after her retirement from SERS was in an emergency capacity. The pension fund’s board in November 2021 had voted in favor of retirement for Executive Director Glen Grell and CIO James Grossman Jr. following the launch of a federal investigation into the pension fund following an error in its reported investment figures.
The pension fund was cleared of any wrongdoing and former investment consultant Aon Investments USA paid $1.5 million in 2024 to settle SEC charges. A lawsuit filed by PennPSERS against Aon in December 2022 was settled in August for $7 million.
“I am eternally grateful for Terri’s selfless decision to return during a difficult period in PSERS’ history,” said Richard Vague, PennPSERS chairman of the board, in the news release. “Her tremendous intellect, grace and determination steered the board and staff into a new era of respectful cooperation and professionalism.”
