HARRISBURG, PA – The Pennsylvania Public School Employees’ Retirement System (PSERS) Board of Trustees authorized contract negotiations for a general investment consultant at its meeting on Wednesday, June 17.
The board approved entering contract negotiations with Cerity Partners Retirement Plan Advisors, which currently serves as the system’s general investment consultant.
“Cerity brings deep experience serving institutional investors, and the board looks forward to continuing to benefit from that expertise as PSERS pursues its long-term investment goals,” said PSERS Board of Trustees Chair Richard Vague.
The board also approved a passive public equity management mandate with BNY Investment Mellon of up to $25 billion.
“BNY Mellon has been a trusted partner to PSERS and the Commonwealth of Pennsylvania for more than three decades,” said PSERS Board of Trustees Vice Chair Susan Lemmo. “The board looks forward to continuing and expanding that relationship in support of the system’s long-term investment objectives.”
In addition, the board authorized investment commitments of up to $75 million to TPG Peppertree Fund XI-A and €100 million to PAI Mid-Market.
Besides the investment actions, the board was pleased to announce that Eric DiTullio was re-elected as the school board representative. He will serve a new term from Jan. 1, 2027, through Dec. 31, 2029. DiTullio ran unopposed and was elected by acclamation.
The board also adopted the Annual Enterprise Risk Management Plan, Internal Audit Plan and the Annual Compliance Plan for fiscal year 2026-27.
###
About the Board of Trustees
The 15-member Board of Trustees is an independent administrative board of the Commonwealth of Pennsylvania. 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.