On January 25, 2024, the SEC instituted settled administrative and cease-and-desist proceedings against Aon Investments USA Inc., fka Aon Hewitt Investment Consulting, Inc., stating: "This matter involves misconduct by registered investment adviser Aon that was inconsistent with its duty to its client, the Pennsylvania Public School Employees' Retirement System ("PSERS") under the Advisers Act."

On January 25, 2024, the SEC "announced settled charges against Aon Investments USA Inc., a Chicago-based registered investment adviser, and the firm's former partner, Claire P. Shaughnessy, for misleading their client, the Pennsylvania Public School Employees' Retirement System (PSERS), about the reason for a discrepancy between two different calculations by Aon of PSERS's investment returns for the same period."

The Commission ordered that: "the Division's request for an extension of time until March 25, 2025 to submit a Proposed Plan of Distribution is granted."

The SEC ordered that: "Miller Kaplan Arase LLP is appointed as the Tax Administrator for the QSF in the above-referenced proceeding."

The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has submitted to the Commission a proposed plan of distribution (the “Proposed Plan”) for the distribution of monies paid in the above-captioned matters."

The SEC stated: "The Division of Enforcement submits this Proposed Plan of Distribution . . . . [T]he Plan seeks to compensate an investor who was harmed by the Respondents' misconduct, as described in the Orders, in connection with fees paid for certain investment advisory and investment consulting services."

The Commission ordered that: "for good cause shown, the time for entering an order approving or disapproving the Proposed Plan is extended to December 1, 2025."

The Commission stated: "On March 25, 2025, pursuant to Rule 1103 of the Commission's Rules on Fair Fund and Disgorgement Plans (the "Commission's Rules"), 17 C.F.R.§ 201.1103, the Commission published a Notice of Proposed Plan of Distribution and Opportunity to Comment for the distribution of monies collected pursuant to the order in this matter. Rule 1104 of the Commission's Rules, 17 C.F.R. § 201.1104, provides in relevant part, "[t]he order approving or disapproving the plan should be entered within 30 days after the end of the final period allowed for comments on the proposed plan unless the Commission or the hearing officer, by written order, allows a longer period for good cause shown." On May 23, 2025, the Secretary, pursuant to delegated authority, issued an order extending the time to enter an order approving or disapproving the Proposed Plan until December 1, 2025. The Division stated additional time is needed to present its recommendation to the Commission regarding the Comments and the Proposed Plan, and therefore, good cause has been shown to enter an order extending time to approve or disapprove the Proposed Plan until March 31, 202 6. The Commission ordered that pursuant to Rule 1104 of the Commission's Rules, for good cause shown, the time for entering an order approving or disapproving the Proposed Plan is extended to March 31, 2026."