Top 2 Pa. school pension system execs out of jobs

HARRISBURG » The top two executives at Pennsylvania’s largest public pension system will leave their jobs under resolutions approved by the system’s board Thursday, amid two federal investigations into the agency and calls by board members for their resignations over lackluster investment returns.

Their departures come after a protracted fight to get the $62 billion Public School Employees’ Retirement System — which manages one of the nation’s biggest public pension funds — to divest its pricier investments in things like private equity firms.

Under the resolutions, executive director Glen Grell and chief investment officer Jim Grossman still have weeks left in their jobs before transitioning to advisory positions — at the same rate of pay — to be created by the system for several more months.

Board majorities voted to accept what the resolutions called a “retirement”

by the two men, but the votes were not unanimous on the 15-member board. The resolutions also said final agreements would be executed, but gave no details about what the agreements entail.

The board chair, Christopher SantaMaria, did not return a phone message seeking answers about the terms of the separation agreements.

The retirement system’s spokesperson said the agreements were not finished.

Grell will leave Feb. 28, after spending the final two months as an adviser. Grossman will leave May 1, after becoming an adviser on Dec. 9. Grell makes $227,000, according to online state records, while Grossman makes $485,000.