Damschroder: Ohio teachers pension mauled by Panda
John Damschroder
The Ohio Retirement Study Council (ORSC) revived oversight theater, a suit and tie simulation of supervising the $200 billion state pensions. In the first act, ORSC started the process for fiduciary audits of the teachers and police and fire pensions a mere five years after their legal deadline.
Meanwhile, the New York State Common Retirement Fund showed the enormous power pensions wield, in a further embarrassment to Ohio. The New York pension forced FirstEnergy to disclose direct and indirect political spending along with lobbying expenses, twice a year, to keep the pension from putting the proposal to a shareholders vote. Thus, the company on the receiving end of a billion dollar Ohio Statehouse bailout the U.S. Department of Justice alleges passed with the help of $60 million in political bribes has reform imposed from New York rather than Ohio.
How Elon Musk can save New York
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Can States Be Trusted To Manage Retirement Savings? Two New Reasons For Concern
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As the individual responsible for overseeing the pension system for current and former state employees, New York Comptroller Thomas P. DiNapoli needs to make wise decisions when it comes to investments.
The New York State Common Retirement Fund recorded an estimated value of $247.7 billion at the end of last year. This makes it the third-largest public pension plan in the country.
So itâs vital for DiNapoli and his staff members to understand what investments will bring the best returns. With more than 1 million participants counting on the expertise of the comptrollerâs office, managing the 100-year-old retirement fund for state workers and retirees is a serious undertaking.