Edward Siedle: Forensic Investigation Of Ohio Teachers’ Pension Reveals Widespread Failures And Mismanagement
Cindy Murphy
Forensic Investigation Of Ohio Teachers’ Pension Reveals Widespread Failures And Mismanagement
By Edward Siedle, Contributor, Forbes
Earlier this month, the forensic investigation of the $90 billion-plus State Teachers Retirement System of Ohio commissioned by the Ohio Retired Teachers Association and performed by my firm, was completed. The damning preliminary findings have now been reported to Ohio legislators, regulators and law enforcement.
The report concluded the state pension has long abandoned transparency; legislative oversight of the pension has utterly failed; Wall Street has been permitted to pocket lavish fees without scrutiny; investment costs and performance may have been misrepresented; and failure to monitor conflicts may have undermined the integrity of the investment process, as billions that could have been used to pay retirement benefits promised to teachers have been squandered.
Read Siedle's article at https://www.forbes.com/sites/edwardsiedle/2021/06/29/forensic-investigation-of-ohio-teachers-pension-reveals-widespread-failures-and-mismanagement