Pennsylvania pension system officials disclose federal probe

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FILE- In this Jan. 15, 2019, file photo an America flag flies at the Pennsylvania Capitol building in Harrisburg, Pa. (AP Photo/Matt Rourke, File)

HARRISBURG, Pa. (AP) – Pennsylvania’s largest public pension system is dealing with a federal investigation, although officials atop the Public School Employees’ Retirement System have yet to publicly disclose the nature of the inquiry.

State Treasurer Stacy Garrity, who is on the pension system’s board, told lawmakers that top retirement system officials have received federal subpoenas. The board late Tuesday night approved a resolution after a long closed-door meeting to hire a law firm to represent it “in matters relating to a federal investigation.”

The disclosures come less than two weeks after the system said it is investigating a consultant’s calculation about the fund’s investment performance that is wrong.

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