Edward Siedle: National Conference on Teacher Retirement Fuels Secret War on Ohio, Minnesota and Other State Teachers Seeking Pension Reform
National Conference on Teacher Retirement Fuels Secret War on Ohio, Minnesota and Other State Teachers Seeking Pension Reform
For a mere $5,000-$26,000 membership dues/sponsorships, NCTR secretly offers "opposition research" to state pensions to combat investigations into wrongdoing initiated by participants.
EDWARD SIEDLE
OCT 24, 2024
OCT 24, 2024
For example, documents released in connection with a participant review in Minnesota recently revealed the Teacher Retirement Association pension had long been recording member phone calls and keeping files on dissidents—all unbeknownst to them.
Pensions in Minnesota, Ohio, Rhode Island, and North Carolina have refused to comply with state public records laws and provide participants with fundamental documents, such as prospectuses, related to their retirement savings.
In Ohio, 76 year old retired teacher John Curry—a longtime critic of mismanagement and excessive staff compensation at the STRS Ohio pension—received via certified mail a Notice of No Trespass prohibiting him from entering or remaining on pension property, including all connecting offices and the parking garage.
If your pension has treated you as an enemy, tell us about it now in a comment.
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NCTR’s So-Called “Opposition Research”
In February, 2023, the dirty tricksters at the National Council on Teacher Retirement, secretly posted on their website a Special Report: Ted Siedle and Public Pension “Forensic” Investigations, authored by Leigh Snell. (See entire Report below.)
The purpose of the secret Special Report was to alert NCTR’s 63 pension system members of the serious risks posed by a growing “movement” for independent expert forensic investigations into potential wrongdoing at public pensions—the investigative findings of which were being reported to federal authorities, specifically the SEC and FBI. More recently, NCTR has been secretly providing its Special Report to certain other “friendly” parties—including pension media, supposedly for “background purposes only”—to undermine even proposed forensic investigations by participants.
It seems state pension officials and their allies are panicked that these independent investigations brought on behalf of participants (i.e., not controlled by the pensions themselves) might bring to the attention of federal regulators and law enforcement certain corrupt practices of state pensions and their Wall Street money managers which potentially violate federal laws and regulations. (Since all state officials, such as Governors, Attorneys General, and State Auditors are typically involved in, or to some degree responsible for, public pension wrongdoing, state pension scammers have little fear of potential state action.)
Snell, as NCTR’s so-called Federal Relations Director, felt compelled to speak out against growing pension participant scrutiny.
NCTR offered Snell’s amateurish “opposition research” to its members to help them combat impending serious “attacks” by national experts (commissioned by participants) that might result in federal regulatory, or law enforcement action against state pensions and their Wall Street allies.
In 2023, Leigh Snell, as NCTR’s so-called Federal Relations Director, felt compelled to speak out against pension participant scrutiny. NCTR offered Snell’s amateurish “opposition research” to its members to help them combat impending serious “attacks” by national experts (commissioned by participants) that might result in federal regulatory, or law enforcement action against state pensions and their Wall Street allies.
NCTR’s NEA Origins
As previously noted, unless you’re a state or local pension board or staff member, you’ve probably never heard of NCTR. NCTR’s website claims the organization began in 1924 and was affiliated with the National Education Association until 1971. NEA is the once-powerful educator union (with dwindling membership) that, decades ago, registered as an investment adviser with the SEC so it could supplement its declining membership revenues with advisory fees from its members’ growing retirement savings.
How NCTR Makes Money Helping Wall Street Sell Investments To Your Pension
If you are a state teacher, most likely tens of thousands of dollars from your pension are squandered annually to pay NCTR membership dues ($5,000 annually) and for your pension’s board and staff members to travel to and attend ($2,500 registration fee) lavish conferences at luxury venues, such as on the famed beaches of Waikiki, promoted by this organization.
In addition to the cash NCTR rakes in from trusting public pensions, it garners far greater dollars from Wall Street money managers who willingly fork over big bucks to join ($4,500) and sponsor (up to $26,000) NCTR conferences—all for the opportunity to pitch their costliest investment products to “the dumbest investors in the room,” i.e., funds overseen by laymen lacking any investment experience. It’s a small price for Wall Street to pay for the opportunity to earn billions from managing a portion of the trillions NCTR boasts on its website its pension system members have to invest.
“Becoming an NCTR event sponsor gives you the opportunity to be in a face-to-face environment where you can network and increase market visibility. Gain the competitive advantage, while making direct connections with high-level decision makers from more than 63 public pension systems from across the nation, with combined assets exceeding $2 trillion in their trust funds. - NCTR Website
If eliminating waste interests you, we suggest you file a public records request with your pension demanding to see all membership dues and other expenses, including, but not limited to board and staff travel, related to NCTR conferences, events and services. The amounts paid by your pension for questionable, conflicted advice may shock you.
If eliminating waste interests you, we suggest you file a public records request with your pension demanding to see all membership dues and other expenses, including, but not limited to board and staff travel, related to NCTR conferences, events and services. The amounts paid by your pension for questionable, conflicted advice may shock you.
In early 2023, only NCTR dues-paying state teacher pension plans and their Wall Street allies foolish enough to pay $5,000 to $26,000 in annual membership dues and sponsorships were allowed to access online the Special Report by Leigh Snell.
Below is the full Report, more recently furnished to certain other “friendly” parties—including pension media, for “background purposes only.” The NCTR document was obtained through a public records request to the Teacher Retirement Association of Minnesota. An identical request to State Teachers Retirement System of Ohio was summarily denied. (For the past 4 years we have been involved in public records litigation with STRS Ohio.)
Caution: The NCTR Special Report is offered without correction of any of its many legal, regulatory and factual errors. Our goal, in publishing the Special Report, is simply to make teachers aware of the secret NCTR effort to oppose participant scrutiny their pensions are funding: Your money is being used against you.
Our goal, in publishing the Special Report, is simply to make teachers aware of the secret NCTR effort to oppose participant scrutiny their pensions are funding: Your money is being used against you.
Special Report: Ted Siedle and Public Pension “Forensic” Investigations, by Leigh Snell
Edward “Ted” Siedle calls himself “the nation’s leading expert in forensic investigations of money managers and pensions.” He claims all the investigations he has undertaken conclude that public pensions are significantly underfunded mainly due to “mismanagement of investments,” not funding or benefits. Siedle, who has reviewed a number of state and local pension plans – including the Employees’ Retirement System of Rhode Island (Rhode Island ERS), the State Teachers Retirement System of Ohio (Ohio STRS), and the Teachers’ Retirement System of Illinois (Illinois Teachers) – recently began a crowdfunding effort in January 2023 for a new investigation in Rhode Island to determine if, according to Siedle, mismanagement of the pension cost workers their promised COLA.” What’s going on
Please go here to read the rest of this report, which appears below Edward Siedle's article. It is quite lengthy; otherwise it would be included here.
To learn more about protecting your pension: https://www.amazon.com/Who-Stole-My-Pension-Looting/dp/1612681034
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posted by Kathie Bracy at 10:13 PM
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