Facebook Public Pension Groups Replace Unions, Protecting Worker Retirement Savings

Link: https://pensionwarriorsdwardsiedle.substack.com/p/facebook-public-pension-groups-replace

Excerpt:

On the other hand, my experience conducting a forensic investigation of the State Teachers Retirement System of Ohio on behalf of the 20,000 member-strong Ohio Retired Teachers Association has convinced me that Facebook groups can be a powerful force to combat looting of America’s pensions by Wall Street. In Ohio, two Facebook groups, Ohio STRS Members Only Forum (36,000 members) and the STRS Ohio Watchdogs (14,000 members) are vigilantly working to expose gross mismanagement at STRS Ohio identified in a forensic investigation I completed.

This past week, I was introduced to another vibrant Facebook group pushing for reform of the Minnesota state pension system. While the name of the group, Pension Reform for Tier II Minnesota Public Educators, may not be catchy, with nearly 19,000 members it also appears to be a formidable advocate. In the group’s words:

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It’s no secret that most of our nation’s public pension funds are grossly underfunded. Not surprising, the single greatest concern of pension participants today is whether the pensions they rely upon for their retirement security are prudently managed and if pensioners will receive all the benefits they have been supposedly promised.

While for over two decades I have implored unions to get actively involved in scrutinizing the management of pension investments—serving a watchdog function which pension boards are ill-equipped to perform—rarely have I been successful in persuading these unions that the best way to preserve pensions is to expose and address problems, not hide them. Unions tend to believe that any criticism of pensions will only lead sponsors to no longer offer them to workers.

Author(s): Edward Siedle

Publication Date: 9 Jan 2024

Publication Site: Pension Warriors on substack

Facebook International Man Of Mystery And GoFundMe Fraudster Disrupt $115 Billion Ohio Pension Forensic Investigation

Link:https://www.forbes.com/sites/edwardsiedle/2021/12/20/facebook-international-man-of-mystery-and-gofundme-fraudster-disrupt-115-billion-ohio-pension-forensic-investigation/?sh=3ef0ed262c78

Excerpt:

Who is Facebook international man of mystery Robert Parkle and why is he advising Ohio Public Employees Retirement System stakeholders not to follow through with an expert forensic investigation of their state pension? Why did Kasandra Ward from Aurora, Colorado create a fraudulent OPERS Forensic Investigation GoFundMe page apparently to divert funds from the real project? Our nation’s public pensions have never been more precarious and there are powerful interests working hard to keep pension stakeholders in the dark.  

Earlier this year, a forensic investigation of the $90 billion-plus State Teachers Retirement System of Ohio commissioned by the Ohio Retired Teachers Association and performed by my firm, was completed. The damning preliminary findings were reported to Ohio legislators, regulators and law enforcement in a 100-plus page report entitled The High Cost of Secrecy.

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In conclusion, I won’t speculate who may be seeking to derail the proposed forensic investigation of the $115 Billion Ohio Public Employees Retirement System on behalf of pension stakeholders, or why. One thing is for certain: One or more persons is seeking to disrupt the investigation into potential mismanagement and malfeasance at the massive pension.

Stakeholders in all 5 Ohio public pensions, including OPERS, should be alarmed and securities regulators and law enforcement ought to investigate any apparent violations of law through social media.

Author(s): Edward Siedle

Publication Date: 20 Dec 2021

Publication Site: Forbes