Teachers’ Minn. pension fund under Tim Walz ‘cooking the books’ by vastly underreporting fees: ‘Madoff miracle’
Story by Susan Edelman, Rich Calder • 18h
A Minnesota retirement system for public school teachers under Gov. Tim Walz is “cooking the books” by vastly underreporting annual fees paid to Wall Street investment managers — and posting near-impossible gains tantamount to a “Madoff miracle,” a top pension investigator said.
The state-run Teachers Retirement Association, or TRA, has publicly disclosed less than 10% of an estimated $2.9 billion spent on fees in the past 10 years, said Edward Siedle, a former Security and Exchange Commission lawyer and independent pension investigator.
The TRA also posted gains claiming it beat its own custom benchmark over periods of one, five, 10, 20 and 30 years by exactly 0.2%, which Siedle called “virtually impossible.”
The findings raise questions whether the fund is concealing mismanagement, and ultimately whether there is enough money to pay retirees their promised benefits, Siedle told The Post..
https://www.msn.com/en-us/news/us/teachers-minn-pension-fund-under-tim-walz-cooking-the-books-by-vastly-underreporting-fees-madoff-miracle/ar-AA1ozCLR?ocid=msedgdhp&pc=HCTS&cvid=9f303e5e510646a5ad552323960cee0d&ei=27
