December 12, 2013

State Treasurer Calls On Corbett To Replace State Employee Pension Board Chair

State Treasurer Rob McCord, a board member of the State Employees Retirement System (SERS) by virtue of his elected office, Thursday wrote to Gov. Corbett, urging the replacement of SERS chairman Nicholas Maiale.
The chairman of the SERS board is appointed by the governor from among the 11 board members. It oversees more than $25 billion in state worker pension funds.
McCord said that recent charges of improper conduct by the SERS chief investment officer, as well overall management and investment practices at the agency under the current chairman, make changes at the top imperative.
“These charges not only implicate SERS’ Chief Investment Officer, but also explicitly include the Chairman of the Board and the process by which investment opportunities are identified and vetted, and also the veracity with which they are presented to the Board for approval,” McCord wrote.
Click Here for a copy of the letter.