SEC approves distribution plan in Aon Investments PSERS matter
Aon Investments →The SEC approved a distribution plan on April 7, 2026 following its settled 2024 proceeding against Aon Investments USA Inc. The case concerned investment advisory services to the Pennsylvania Public School Employees’ Retirement System and discrepancies in returns used for pension risk-sharing calculations. The Commission found failures to investigate adequately and material misstatements and omissions. Its order required $495,098.50 disgorgement, $47,089.29 prejudgment interest and a $1 million civil penalty. Aon neither admitted nor denied the findings. The approved plan followed objections from PSERS’s counsel and extended the relevant period for calculating eligible fees. The SEC identifies PSERS as the single harmed client. This matter concerns the regulated investment adviser, not an investment loss or portfolio-company transaction.