Oh, this is brilliant, ORSC, Simply BRILLIANT!
From John Curry
August 13, 2021
Funston was just awarded the contract to audit the STRS in a meeting yesterday at the Ohio Retirement Study Council. Here's a little ugly history of Funston....
From Chris Tobe
August 13, 2021
Funston was caught in late June in Pennsylvania supporting corruption in PA state teachers plan under FBI investigation.
Funston released a preliminary governance report, that recommended more secrecy and power for staff especially is setting pay and selecting high fee high-risk alternatives in secret no-bid contracts. Quotes from Philly paper article below,
"panel spent too much time compared to other pension funds on the minutiae of individual investments”
“executives be permitted to pick many investments without board approval.”
“should have unfettered power to hire and set pay, free of current procedures under which other top state officials review those decisions.”
“executives be permitted to pick many investments without board approval.”
A “preliminary recommendations” report, obtained by The Inquirer, recommends increasing the power of the same top executives whom a bloc of board members want to fire. Perhaps this wasn’t surprising, since those executives have had unusual influence and a final say in crafting what is supposed to be an analysis for the board.
CHRIS TOBE, CFA, CAIA has worked for over 15 years with Public Pension plans and is the author of “Kentucky Fried Pensions”. He writes a Wall Street Journal Marketplace Column that regularly covers public pensions.
posted by Kathie Bracy at 7:49 PM
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