News

August 19, 2016

Attention PSERS Members:

We have become aware that a number of PSERS members have received the Notice of Class Action, Proposed Settlement, Motion for Attorneys' Fees and Expenses, and Settlement Hearing ("Notice") in the action pending against Bank of America in the United States District Court for the Southern District of New York.  Such  members received the Notice because of the likelihood that those members had invested in the Bank of America securities that are the subject of the action and may be entitled to submit a proof of claim pursuant to the Notice.  The Notice is not related to individual membership in PSERS.  If you received the Notice you may be entitled to share in the settlement fund.

Questions concerning the Notice may be answered by accessing the website maintained by the Claims Administrator, www.BoASecuritiesSettlement.com, or from Lead Counsel’s website, www.barrack.com, or by calling (inside the US and Canada) 1-800-644-7835, (outside the US and Canada) 1-215-845-4405, or emailing BoASecuritiesSettlement@HefflerClaims.com. You may also contact the Claims Administrator by mail at:

Bank of America Securities Settlement
c/o Heffler Claims Group,
Claims Administrator
P.O. Box 360
Philadelphia, PA 19105-0360

Inquiries may also be made to Lead Counsel: BARRACK, RODOS & BACINE, Mark R. Rosen ( mrosen@barrack.com), Jeffrey A. Barrack ( jbarrack@barrack.com), Jeffrey B. Gittleman ( jgittleman@barrack.com), 3300 Two Commerce Square, 2001 Market Street, Philadelphia, PA 19103, (215) 963-0600.

Please do not contact PSERS with inquiries about the Notice because, as the court-appointed Lead Plaintiff, PSERS cannot provide you with any advice or further information regarding this matter.

August 5, 2016

Attention PSERS Members:

On Monday July 25 ^th, the Pennsylvania Department of the Auditor General announced it will conduct a performance audit of PSERS. The last performance audit occurred in 2006.

The entrance interview for the audit took place, August 4th, at PSERS headquarters. The stated scope of the audit will include: (1) Pension Forfeiture Act compliance; (2) Governance and oversight of investment operations; (3) Procurement of external advisors and investment fees; and (4) Risk Management strategies included in our asset allocation. We anticipate the audit will be completed in 2017.

We welcome any recommendations that will continue PSERS’ ongoing efforts to improve efficiency and transparency of the System. PSERS already provides numerous resources financial reports, detailed investment data, and investment manager hiring presentations on our website.

July 20, 2016

Important Notice for Members in Allegheny, Fayette, Green, and Washington counties:

On August 30, 2016, PSERS Southwest Regional Office will relocate to:

300  Cedar Ridge Drive, Suite 301
Pittsburgh, PA 15205-1159

New Phone Number (Local): 412.920.2014
New Fax Number: 412.920.2015