The PSERS settlement class action payout comes from four combined settlements totaling about $34.55 million, paid by investment consultants Hamilton Lane, Portfolio Advisors, Aon Investments USA, and Aksia LLC. If you were a contributing member of the Pennsylvania Public School Employees’ Retirement System in Class T-E, T-F, T-G, or T-H between July 1, 2021 and June 30, 2024, you’re automatically in the class. The average individual recovery works out to roughly $112, though the exact amount depends on how much extra you paid in during those three years. The first round of checks went out in February 2026. The second round waits on a final approval hearing scheduled for October 1, 2026.
Who Is Covered
The class is made up of approximately 170,000 PSERS members who were enrolled after June 30, 2011 and whose contribution rates were raised because of the shared-risk mechanism. That covers membership classes T-E, T-F, T-G, and T-H. Starting July 1, 2021, those rates jumped: T-E went from 7.3 to 8 percent of salary, T-F from 10.3 to 10.8, T-G from 8.25 to 9, and T-H from 7.5 to 8.25. The elevated rates stayed in effect for three years, through June 30, 2024, when fund performance met the threshold and rates dropped back.1PA.gov (PSERS). Notice to Members About Shared Risk Implementation2PA.gov (PSERS). Shared Risk
You don’t need to file a claim. Class members who stay in the case receive their share automatically once the court approves distribution.3PSERS Shared Risk Class Action. Frequently Asked Questions
How Much You Get and How It’s Calculated
Payouts are pro rata, meaning your share is proportional to the extra contributions you paid during the three-year period of elevated rates. The more you earned and the longer you contributed at the higher rate, the larger your share.4The Philadelphia Inquirer. Pension Advisers Settle Class Action Lawsuit With PSERS
The settlements split into two rounds. Hamilton Lane paid $4 million and Portfolio Advisors paid $11.25 million, for a first-round total of $15.25 million. After one-third attorneys’ fees, costs, and service payments to the four named plaintiffs, about $9.16 million was distributed to class members in February 2026.5PSERS Shared Risk Class Action. Motion for Final Approval of Settlements6PSERS Shared Risk Class Action. Home
Aon agreed to pay $15 million and Aksia agreed to pay $4.3 million, for a second-round total of $19.3 million. After the preliminary-approved attorneys’ fees of $6,433,333, roughly $697,780 in costs, and $7,500 per settlement for each of the four named plaintiffs, an estimated $11.5 million is expected to go to class members in this round.3PSERS Shared Risk Class Action. Frequently Asked Questions7Bloomberg. Aon Agrees to $15 Million Settlement With Pennsylvania Teachers
Across both rounds, the Philadelphia Inquirer reported an average recovery of roughly $112 per member.4The Philadelphia Inquirer. Pension Advisers Settle Class Action Lawsuit With PSERS
When Payments Arrive and What’s Still Pending
The Hamilton Lane and Portfolio Advisors funds have already gone out. The state court granted final approval on October 8, 2025, and members received their first-round payments in February 2026.5PSERS Shared Risk Class Action. Motion for Final Approval of Settlements
The Aon and Aksia settlements still need final approval from the federal court. On May 28, 2026, Judge Chad F. Kenney in the Eastern District of Pennsylvania granted preliminary approval and certified the class at approximately 170,000 members. Important dates:
- September 3, 2026: deadline to exclude yourself from the class or file a written objection.
- October 1, 2026 at 11:00 a.m.: fairness hearing before Judge Kenney in Philadelphia. If the court grants final approval, second-round distributions follow.
6PSERS Shared Risk Class Action. Home8PACER Monitor. Steinke et al v. Aon Investments USA Inc.
If you have questions about a notice or check, the settlement administrator’s website is pserssharedriskclassaction.com, and the phone number is 877-777-9321.9PA.gov (PSERS). PSERS Newsroom Notice
Why the Lawsuit Exists
Pennsylvania’s Act 120 of 2010 and Act 5 of 2017 created a shared-risk rule: if PSERS’s nine-year investment returns fell short of a statutory target, member contribution rates would automatically rise.2PA.gov (PSERS). Shared Risk
For the nine-year period ending June 30, 2020, the target was 6.36 percent. Aon Investments initially reported a return of 6.38 percent in December 2020, barely clearing the line, and the PSERS board certified rates based on that figure. The calculation turned out to be wrong. When the error was corrected in early 2021, the actual return was 6.34 percent, below the threshold, which automatically triggered the three-year rate increase. The board recertified rates on April 19, 2021.10U.S. Securities and Exchange Commission. SEC Charges Aon Investments USA and Former Partner11ai-CIO. PSERS Recertification Triggers Contribution Increase
On June 18, 2021, lead plaintiff Kevin Steinke and three other PSERS participants filed a class action in the Philadelphia County Court of Common Pleas against the four consultants. The complaint alleged breach of fiduciary duty and breach of contract as third-party beneficiaries, claiming the defendants recommended unsuitable, high-cost investments that produced poor returns and caused the fund to miss the shared-risk benchmark. PSERS itself is not a party to this lawsuit.3PSERS Shared Risk Class Action. Frequently Asked Questions12Claims Journal. Aon Agrees to $15 Million Settlement With Pennsylvania Teachers
Other Payouts That Don’t Go to Members
Two related resolutions came out of the same scandal, and neither puts money in individual members’ pockets. In January 2024, the SEC charged Aon and former partner Claire Shaughnessy with violations of the Investment Advisers Act. Aon paid roughly $1.57 million into a Fair Fund. On April 7, 2026, the SEC approved a distribution plan sending the full Fair Fund to PSERS as the sole harmed client, not to individual members.10U.S. Securities and Exchange Commission. SEC Charges Aon Investments USA and Former Partner13Opalesque. SEC Approves Fair Fund Distribution to Pennsylvania Teachers Pension
Separately, in August 2024 the PSERS Board of Trustees approved its own $7 million lump-sum settlement with Aon to resolve the board’s claims. That money also goes to the fund, not to members directly.14PA.gov (PSERS). PSERS Board Approves Settlement With Aon
The member payout you’re looking for comes only through the Steinke class action.