Public Safety Personnel Retirement System
State of Arizona
NEWS RELEASE
Contact: Christian Palmer
Phone: 602-296-3736
Trustees Release Independent Investigative Report
The PSPRS Board of Trustees voted to publicly release the final independent investigative report conducted by the law firm Osborn Maledon, P.A.
About the Report
In December 2025, the PSPRS Board of Trustees retained independent legal counsel to conduct a formal review into the performance and operational practices of its contracted education vendor. The investigation evaluated vendor conduct, potential conflicts of interest and specific interactions involving the plan recordkeeper.
At the time the final independent investigative report was completed, there remained unanswered questions from Public Safety Financial/Galloway (PSF), the contracted education provider for PSPRS. Subsequent to the completion of the report, PSF provided responses and additional clarity surrounding their role as the education provider. Their response letter has been made available as well.
Why the Report was Released
The PSPRS Board of Trustees is committed to full transparency, operational integrity, and protecting the financial well-being of our members. Publicly sharing this report ensures that members, participating employers, and the public have complete visibility into:
- Fiduciary Accountability: The board’s active oversight of third-party vendors, fee structures, and advice standards.
- Findings & Context: Independent factual findings regarding vendor communications, member choice dynamics and self-directed investment options.
- Future Governance: Operational recommendations to enhance vendor monitoring, expand member choice, and prevent potential conflicts of interest going forward.
Next Steps
At the September 23, 2026, PSPRS board meeting, trustees will discuss and potentially take action as it relates to the results of the report and any additional data as it relates to the contracted education vendor and/or recordkeeper.
The full report and PSF response to remaining questions are available for public download.