quote:
MPERS came under scrutiny after recently losing $200 million in the stock market and constructing a new headquarters that is only half full. In addition, reports have surfaced that pension fund took trips at pension-fund expense and spent millions of dollars on golf courses that continue to lose money. At the same time, mandated pension contributions by municipalities have more than doubled in two years and retired police veterans living on MPERS pensions will not get cost-of-living increases or interest on their deferred retirement accounts.

ALL THE GOLF COURSES

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Posted by pjab

Member since Mar 2016

5649 posts

Posted on 2/23/17 at 10:43 am to SlowFlowPro

It's the same story everywhere regarding pensions. Firefighters, police, and teachers appoint members to manage massive funds which they have no expertise in doing so. In the case of NOLA, the city has to fill the gap between actual return and required return. Taxpayers get effed.

I imagine most pension meeting are like the one in The Other Guys.

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Posted by McLemore

Member since Dec 2003

31552 posts

Posted on 2/23/17 at 12:11 pm to SlowFlowPro

ERISA provides for stiff penalties for fiduciary breaches and mismanagement (including personal liability of fiduciaries; i can't remember if treble damages apply to fiduciaries or just participants--it has been well over a decade since i handled), but apparently that isn't a sufficient deterrent for some trash.

I used to help manage benefit funds for unions (they don't let the corrupt Dems handle that part) and the biggest boondoggle I ever had was a trip to chick-fil-a en route to the IBEW HQ during a trial.

Slightly related: The USPS's financial woes are primarily due to the prefunding mandate on its pension plans.

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