Board members cannot meet fiduciary obligations without being able to review PSERS records
Harrisburg, PA - Treasurer Stacy Garrity and former Treasurer Joe Torsella today announced their support for fellow Public School Employees’ Retirement System (PSERS) board member Senator Katie Muth’s efforts to access records that PSERS management has refused to provide.
“Withholding important documents from a trustee is outrageous. Much of what Senator Muth has requested are either past documents already provided to the Board, internal investment memoranda prepared to support recommendations to the Board, or documents that are public records. It is clear that PSERS management has not done enough to ensure that she has access to the documents and records necessary to fulfill her obligation to be fully informed as to the investment activities of PSERS.”
Pennsylvania State Treasurer, Stacy Garrity
“I have long believed that PSERS management should embrace, rather than resist, transparency and robust board oversight. I am disappointed but not surprised they are taking this unfortunate approach. Pennsylvania law is clear: PSERS board members have an absolute right to review documents to perform their fiduciary duty. Every member of the board is entitled to the records Senator Muth is seeking, many of which are also public records.”
former Treasurer, Joe Torsella
Every member of the PSERS Board of Trustees has a fiduciary duty to manage the pension fund in the best interest of its beneficiaries – teachers and other school employees.
In the lawsuit, which was filed yesterday, Muth seeks access to documents related to PSERS’ contracts, investment operations, cost assessments, demolition costs, and other records related to day-to-day operations of the $64 billion fund. The suit asks Commonwealth Court to find that PSERS trustees have a right to review records of the system, to order the release of the records currently being sought, and to prohibit PSERS management from blocking similar requests from board members in the future.