The Public School Employees' Retirement System's lawsuit accuses Aon Investments USA that admitted to making an error of causing reputational harm to the pension fund that included drawing the attention of federal investigators.
PSERS, the state's largest pension fund that serves school employees, filed a lawsuit against a consulting firm that miscalculated the agency's investment profits which brought on a heap of trouble for the $70 billion pension fund.
The miscalculation by Aon, which tracks the system’s investments, was four basis points below the 6.38% it originally reported – and relied upon by PSERS’ actuarial consultant Buck Global LLC – resulted in certain school employees having to increase contributions to their pensions in 2021-22 and the next two school years. It originally announced the mandatory contributions would remain the same.
The lawsuit accuses Aon of breaching the contract it had with PSERS as well as several counts of negligence and caused it to spend millions on law firms and consultants to deal with the fallout from AON’s error.
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