It only came after an FBI investigation, subpoenas from the U.S. Securities and Exchange Commission, and sustained criticism about a lack of transparency from some of its own board members, but the Pennsylvania Public School Employees’ Retirement System (PSERS) has finally agreed to change one of the most fundamental ways it does business.

The beleaguered agency, which manages a $70 billion pension plan for about a half-million working and retired educators, has for years faced criticism from segments of its own board about its investment strategy — which focused on high-fee, “private” Wall Street investments, including hedge funds, rather than more traditional financial tools like stocks.

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