An internal review of PSERS' exaggerated profit figure was presented to board members Monday, but it's unclear if and when the public will learn the results.
into its exaggerated profit figure and questions about its purchase of Harrisburg real estate.
To keep the report secret for now, PSERS asked board members to sign a highly detailed, four-page nondisclosure agreement that forbids the release of anything from the review to unauthorized people or “any member of the media.’” The signers must agree that their release of information would cause “irreparable harm” to the board.
Republican State Treasurer Stacy Garrity was one of at least three of the board’s 15 members who said publicly they would not sign the NDA. The fund brought in Womble, along with two other outside law firms, as it learned that federal prosecutors, the FBI, and the U.S. Securities & Exchange Commission had subpoenaed information about the board’s adoption of a false, unduly high figure for investment returns. The federal investigators have also been looking at the fund’s $5 million appropriation to buy real estate near its offices and intoFederal authorities have said nothing about their investigations.
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