PHILADELPHIA (AP) — The U.S. Securities and Exchange Commission has joined a federal probe of Pennsylvania’s largest pension fund and is seeking among other things records to determine whether improper “compensation and gifts” may have been offered staff, a newspaper reported.
The Philadelphia Inquirer reports that the commission is also seeking records earlier sought by the U.S. attorney’s office about what officials of the $64 billion Public School Employees’ Retirement System have called a mistake in calculating the fund’s long-term investment performance.
The newspaper reported that the subpoena given to the school pension plan Friday was the first indication that investigators are looking into possible presents or money from investment advisers and consultants. State employees are forbidden from accepting such gifts under a ban imposed by Gov. Tom Wolf.