HARRISBURG, PA – The Board of Trustees of the Public School Employees’ Retirement System (PSERS) honored Executive Director Terrill “Terri” J. Sanchez, who attended her final Board meeting as PSERS Executive Director and Secretary of the Board and retired at the close of business today, Friday, June 13, 2025, ending a government service career that spanned four decades.
Sanchez, a Dillsburg resident who was raised in the Shamokin area, began working for the Commonwealth as a college intern in 1983. She closed her career with back-to-back capstones as the first woman to lead the state’s two pension funds, PSERS (2022-2025) and the State Employees’ Retirement System (2018-2021).
“It has been my absolute honor and privilege to return to PSERS, working in service to our members to conclude my years of service with the Commonwealth,” said Sanchez. “While today is my last day, my excitement for the future of this agency continues. PSERS has a very bright path ahead, and I’m deeply grateful to have been part of the journey to date.”
In recognition of her trailblazing career, the Board presented Sanchez with a resolution. Sanchez was also feted with proclamations from Governor Josh Shapiro and Treasurer Stacy Garrity, and citations from the Pennsylvania Senate and House of Representatives.
“On behalf of the Board of Trustees, we thank Terri for her exceptional leadership and steadfast dedication to PSERS,” said Board Chairman Richard Vague and Vice Chairwoman Susan C. Lemmo. “Terri’s unwavering commitment to sound governance, transparency, and the PSERS membership is invaluable to this agency’s long-term success. She always led with warmth, wisdom, and goodwill, and we wish her the very best in her well-earned retirement.”
The Board voted to approve a resolution appointing PSERS Chief Investment Officer Benjamin L. Cotton as Interim Executive Director. Cotton will temporarily lead the agency while the Board concludes its nationwide search for a permanent Executive Director. As he serves in this capacity, Cotton will maintain his duties as Chief Investment Officer.
In other business, the Board adopted an updated Governance Manual of the Public School Employees’ Retirement Board, which replaces the Model Governance Framework/Consolidated Bylaws transitional document. This new manual was developed to be more streamlined and user-friendly. Also adopted were changes to the Education Policy, Ethics Policy, Board Direct Report and Board Support Staff Evaluation Policy (formerly the Board Direct Report Policy), and the newly adopted Non-Investment Contracts and Political Contributions Policy.
Furthermore, the board adopted an Investment Committee Workplan to begin compliance with requirements of the 2020 edition Global Investment Performance Standards (GIPS®) from the CFA Institute, targeting adherence for fiscal year 2026-27. GIPS® Standards “are voluntary, ethical standards for calculating and presenting investment performance based on the principles of fair representation and full disclosure.”
The board also approved investment commitments totaling ~$242 million to HG Capital and $100 million to Lindsay Goldberg VI. These commitments are contingent on successful contract negotiations and legal reviews. Through the use of its delegation procedures, PSERS also committed €150 million to ICG Europe Fund IX.
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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 Dec. 31, 2024, PSERS had a total net position of about $79.5 billion and a membership of about 256,000 active, 254,000 annuitants and beneficiaries, and 27,000 vested inactive members.