Pennsylvania’s largest public pension system, in the midst of an FBI probe of its operations, revised its investment performance returns, which in turn will increase how much money thousands of educators contribute to their retirements. On Monday night, PSERS’ board voted 12-to-1 to revise investment returns to 6.34%. It also increased the contribution rates for several classes of employees, classes that are determined based on when they began employment and what benefit elections they made.

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Source: Associated Press, April 20, 2021.