Posted on 08/10/2024 10:21:04 AM PDT by CrosscutSaw
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.”
As governor since in January 2019, Tim Walz has served as chairman of the Minnesota State Retirement System.
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..
“Even Bernie Madoff didn’t claim to beat the market every single year — and certainly not by the exact same percentage,” said the investigator, calling the TRA’s purported performance a “Madoff miracle under Walz’s watch.”
The findings also raise questions about Walz’s leadership now that he’s Kamala Harris’ running mate on the Democratic presidential ticket, Siedle added.
“I don’t know if the man had any pre-existing knowledge of finance or pensions, but as chairman he should have educated himself,” Siedle said. “Pension board members have a fiduciary duty to monitor fees, and to ensure that the investments’ performance is accurately disclosed.”
(Excerpt) Read more at msn.com ...
Not convinced Kamala will survive
The left. Experts at crookery.
And I would expect that the wall street firms receiving the TRA mangement funds give large contibutions to Demcrat party activities and maybe politicians.
HE’S A CROOK!THE DEMOCRATS WILL LOVE HIM MORE!
Paying exorbitant fees to hide how bad the retirement fund is doing?
If someone even suggested it was Trump that pulled this crap, some judge in new york would have already charged him.
BTTT
Walz has long-billed himself as a retired Command Sergeant Major —
when, in reality, he was demoted to the lower rank of master sergeant.
Call Congress
(202) 224-3121
U.S. House switchboard operator.
How much more? Everything the lefties do is corrupt.
This is how the Left buys votes.
“Every day brings out more dirt on Walz. Will he survive as Kamala’s running mate through the convention?”
I guess the Minnesota Marxists that vote slimy frauds like Walz into office don’t care about accountability as long as the wool doesn’t get lifted up from over their eyes.
Lying POS, deranged, loony leftist wrapped up in two words, typical Democrat.
Tim Walz is under-reporting investment fees of the state-run Teachers’ Pension Fund
<><>governor since Jan 2019, Tim Walz serves as chair of the State’s Teachers Retirement Association.
<><>Walz is vastly under-reporting annual fees paid to Wall Street investment managers
<><>Walz is “doing a Madoff” — posting near-impossible gains.
<><>the state-run TRA has disclosed less than 10% of some $2.9B in fees the past 10 years
<><>TRA posted gains claiming it beat its own custom benchmark over time by exactly 0.2%,
<><>investment experts say this is “virtually impossible.”
<><>concealing mismanagement may lead to a money shortage to pay retirees promised benefits.
(Source: Edward Siedle, former SEC lawyer and independent pension investigator.
Congress should file a complaint with the Employee Benefits Security Administration (EBSA) of the Department of Labor about pension plans, including 401(k)s, profit sharing, and defined benefit plans. EBSA is responsible for enforcing the Employee Retirement Income Security Act (ERISA), which covers most private sector pension plans. You can also call EBSA at (866) 444-3272 or submit a question on their website.
Gotta laugh and show it. You know that teen while passing you on the road
showing their middle finger and for no reason.
Mostly I ignore it, but this time I grinned and waved ‘hi’, like I’d seen a long lost friend. Boy, was he stumped!
Okay....
Walz is a member of The Democrat Party Organized Crime Syndicate.
Thieves commit thievery.
If they didn’t report the fees they were pulling something. No?
Most likely skimming money from the pension fund for themselves. Thieves.
What’s up with the child molester stuff?
Not doubting... to the contrary one is quite inclined to hear the matter out.
It’s just that one has spent most of today away from the news cycle and hasn’t heard the latest...
obviously...
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