HARRISBURG, PA – The Board of Trustees of the Pennsylvania Public School Employees' Retirement System (PSERS) voted Friday to re-elect Richard Vague as chair and Susan C. Lemmo as vice chair.
The chair and vice chair, who serve one-year terms, lead the 15-member PSERS Board.
Vague, a Philadelphia resident, is Gov. Josh Shapiro’s board appointee. He brings extensive experience to the board through leadership roles in government, energy, finance and the nonprofit sector. From 2020 to 2022, he served on the PSERS board in his previous capacity as Secretary of the Pennsylvania Department of Banking and Securities.
Lemmo, a Clearfield resident, is serving her second three-year term representing annuitants and class DC participants. Prior to retiring from a 32-year career as an art teacher in the Curwensville Area School District, Lemmo served three terms (2014 to 2022) on the PSERS Board representing active certified members and participants. During that time, she earned the Certified Public Pension Trustee accreditation from the Pennsylvania Association of Public Employee Retirement Systems.
“I am deeply appreciative of the Board of Trustees’ continued trust in our leadership,” Vague said. “The work of this board carries an enduring responsibility to current and future retirees, and I look forward to continuing our collective efforts to manage PSERS’ funds prudently, thoughtfully and with a long-term view toward the security of our members.”
Lemmo added, “I am honored to serve as vice chair and to work alongside Richard and my fellow trustees. I look forward to supporting the board’s work through collaboration and diligent oversight to ensure we are fulfilling the duties entrusted to us.”
The board also announced the appointment of state Rep. Marc Anderson, who represents the 92nd Legislative District serving parts of York County. The speaker of the Pennsylvania House of Representatives appointed Anderson to replace former state Rep. Torren Ecker, who resigned recently after he was elected to serve as judge of the Court of Common Pleas in the 51st Judicial District.
In other committee news, the following trustees were elected by their respective committees to terms ending Dec. 31, 2027.
Audit, Compliance and Risk Committee
- Chair: Treasurer Stacy Garrity
- Vice Chair: Secretary Wendy Spicher
Benefits and Appeals Committee
- Chair: Ann Monaghan
- Vice Chair: Jason Moore
Defined Contribution Plan Committee
- Chair: Eric DiTullio
- Vice Chair: Ann Monaghan
Finance and Actuarial Committee
- Chair: Eric DiTullio
- Vice Chair: Brian Reiser
Governance and Administration Committee
- Chair: Rep. Matt Bradford
- Vice Chair: Sec. Wendy Spicher
Health Care Committee
- Chair: Susan Lemmo
- Vice Chair: Adam Serfass
Investment Committee
- Chair: Treasurer Stacy Garrity
- Vice Chair: Sec. Wendy Spicher
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About the Board of Trustees
The 15-member Board of Trustees is an independent administrative board of the Commonwealth. The Board stands in a fiduciary relationship to PSERS’ members regarding investments and disbursements of the system’s funds. The Board’s other functions outlined in the Public School Employees’ Retirement Code include certifying contribution rates, authorizing the system’s actuarial valuation and independent audit, publishing an annual financial statement, and overseeing the operational activities performed by the system’s executive director and chief investment officer.
About the Pennsylvania Public School Employees' Retirement System
PSERS, founded in 1917, began operations in 1919 to oversee a statewide defined benefit pension plan for public school employees. PSERS' role expanded upon the passage of Act 5 of 2017 to include oversight of two new benefit options consisting of defined benefit and defined contribution (DC) components and a stand-alone DC plan. As of June 30, 2025, PSERS had a total net position of about $83.7 billion and a membership of about 262,000 active, 255,000 annuitants and beneficiaries, and 26,000 vested inactive members.