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Saturday, August 17, 2019

Ted Siedle’s pension fund investigation

Posted by Lou on June 7, 2015

Brother’s and sisters,

Ted Siedle’s investigation into the Rhode Island State Employees’ pension fund has been completed and published. Please take the time to read the document and send it to other interested parties, as well as you state Senator and Representative.

Thanks,
Local 2881 Executive Board

A new investigation of the pension fund

Posted by Lou on April 10, 2015

Brothers and Sisters,

As you may have heard, Ted Siedle has created a crowd funding campaign to raise funds to investigate the state employees’ pension fund. If Mr. Siedle’s effort raises $20,000 before April 29, he will conduct a follow up to his previous forensic investigation, funded by Council 94.

When I inquired about the focus of the investigation with Mr. Siedle, he stated the following:

This investigation will be based upon the most current information and focus upon hidden and excessive investment fees; the cost of any investment underperformance; conflicts of interest and wrongdoing. It will be a follow-up on the prior investigation, updating on past issues but we will also examine any new issues which arise. As before, there will likely be some discussion of actuarial issues and assumptions.

Now is your chance to have a direct impact in proving that is the mismanagement of the pension fund that led us to the underfunded condition it is in. It certainly isn’t our fault, because I know that we’ve contributed 8.75% of our pay everyday, without fail. Meanwhile, partners of past treasurers and hedge fund managers get rich off the excessive fees being paid with our money. Visit the Kickstarter page and donate whatever amount you are able towards getting the answers we deserve.

Thanks
Lou