Uncomfortable, granular detail in Siedle report When the 128-page document authored by securities attorney and public pension expert, Edward Siedle was suggested as an agenda item for the next ORSC meeting, Carfagna said he didn’t find much data in the document. The writing style in the two month old, teacher funded, forensic audit of STRS didn’t have the same impact on Chairman Carfagna. Related: 2nd Ohio group jumps in with effort to review its state retirement system.Rick Carfagna, a Republican from suburban Columbus, indicated the Funston writing style was the significant difference. The large and fast growing social media presence of tens of thousands of beneficiaries of the Ohio public pension system was clearly on the mind of ORSC members who noted the barrage of emails as they finally voted to have fiduciary and actuarial audits due by law in 2016, performed for delivery in 2022.įunston Advisory Services was selected as the fiduciary auditor for both the State Teachers Retirement System-STRS and the Ohio Police and Fire Pension Fund-OPFPF, at a cost of $1,422,000, fees a half-million dollars more than another bidder for both contracts. Whoever molds public sentiment goes deeper than he who enacts statutes, or pronounces judicial decisions,” is a Lincoln philosophy still true today. With it, nothing can fail without it nothing can succeed. “In this country, public sentiment is everything. The wisdom of Lincoln was on display when the Ohio Retirement Study Council-ORSC met at the Statehouse on Aug. Profiles of African-Americans in WSU History (Off-site resource)įremont News Messenger: Damschroder: Where’s the auditor?.College of Nursing and Health Oral History Project (Off-site resource).Boonshoft School of Medicine Oral History Project (Off-site resource).Retirees Association Oral History Project (Off-site resource).
Donate to the scholarship fund (Off-site resource).Ho-Hum, a pension system seeking legislation to freeze cost-of-living benefits is hemorrhaging expense money, just another day at the Statehouse. On private equity, OPERS pays just over ¾ percent more than average on $9,619,253,716 which transfers an extra $73,106,328 from Ohio retirees to the outside fund managers running these investments for OPERS. The Ohio Retirement Study Council literally accepted a document telling them OPERS paid $223,408,925.24 more than would typically be paid by a state pension system without discussion or even comment. 14.īut you had to read the 155-page report to understand that OPERS pays 1.12 percent more than the average for public pension funds. You would then need to cross reference the OPERS Comprehensive Annual Financial Report to see that there is $13,419,880,096 subjected to this high fee. When you do the math, you see that the ORSC accepted a report that OPERS pays $150,302,657.07 more in fees on hedge funds than average. The ORSC simply shrugged off a multi-million dollar question, unaware it exists, as two of the three elected officials who bothered to show up, Senators Jay Hottinger and Hearcel Craig, failed to read the long-awaited Aon Hewitt fiduciary audit of the Ohio Public Retirement System and the chairman, Senator Kirk Schuring, uncritically accepted the report presentation as a glowing endorsement for OPERS.Īon’s presentation noted that OPERS pays higher investment management fees than peer group public pension funds and recommended a study of the issue, creating a lucrative business development opportunity for one of the many consultants filling a hearing room and overflow room in the Statehouse on Nov. Then the media would be ablaze with condemnation for the Ohio Retirement Study Council. Oh how I wish Ohio state government received the same level of scrutiny as Ohio State football. Profiles of African-Americans in WSU History (Off-site resource)įremont News Messenger: Multi-million dollar question draws yawns in Columbus.
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