State Pension System Pays Too Much To Advisors, Think Tanks Assert; Retirement Officials Disagree
Two of Maryland’s free-market think tanks are again attacking the Maryland pension system for spending too much money on investment advisors who are not producing enough returns. But the State Retirement Agency says the advisors have helped it reach its benchmark investment goals.
The Maryland Public Policy Institute and the Maryland Tax Education Foundation issued a report Tuesday saying the retirement system spent $229 million on “Wall Street money managers” for the fiscal year that ended in June 2012.
The fees exceeded the fund’s investment income by more than $100 million, the think tanks said. For fiscal 2012, the $37 billion fund’s investment return was 0.36%, substantially lower than the 50-state median of 1.15% reported by consulting firm Wilshire Associates. More
I keep on warning state employees right here on Sby News that they need and it's imperative that they keep a close watch on their pension fund. omalley is not too be trusted. He can't think beyond raising taxes for revenue and that well's running dry. He will steal your hard earned money that is supposed to be for your retirement.
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This is why all states are in bad shape.All the money goes to the politically connected only.If only the voters understood that.
ReplyDeleteI keep on warning state employees right here on Sby News that they need and it's imperative that they keep a close watch on their pension fund. omalley is not too be trusted. He can't think beyond raising taxes for revenue and that well's running dry. He will steal your hard earned money that is supposed to be for your retirement.
ReplyDelete