Robert Devine was named acting chief investment officer of the $72.5 billion Pennsylvania Public School Employees' Retirement System, confirmed Evelyn Williams, spokeswoman for the Harrisburg-based plan.
He replaces James H. Grossman Jr., who transitioned to a senior adviser position on Thursday and will retire on May 1.
Mr. Devine, who was fixed-income managing director at the system, will report directly to the board. Information on his replacement could not be learned.
In November, the system board voted to accept the retirements of Mr. Grossman and Executive Director Glen R. Grell following a federal investigation of the system over an error in its reported investment figures that was discovered by the board.
Mr. Grell will transition to a senior adviser role on Jan. 1 and retire on Feb. 28. The board expects to name an acting executive director sometime in the future, according to a news release.
In December, PennPSERS reported a net annualized return of 6.38% for the nine years ended June 30, slightly above the 6.36% threshold for triggering additional contributions. But in March, the board had discovered an error in its reported investment figures and announced that a special internal investigation was being conducted to determine what role, if any, its staff and investment consultant Aon might have played in miscalculating its investment performance figures.
In April, the PennPSERS board confirmed that a federal investigation had been launched into the state pension plan, saying in a news release that it had been "served with a grand jury subpoena for documents and is cooperating fully with the request by the U.S. Attorney's Office in the Eastern District of Pennsylvania."
Following the announcement of the investigation, Ms. Williams declined to comment beyond confirming that the board will "continue to cooperate with the government investigation."