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Government and Politics


Obscure law could be costing Ohio public pension plans
Ohio is the only state that puts the treasurer in charge of choosing investment banks, fund managers say they'd like that authority
by WKSU's JEFF ST. CLAIR


Reporter / Host
Jeff St. Clair
 
In The Region:

An audit of one of Ohio’s five public pension funds shows that the state retirement plans could be losing millions a year in bank fees.

The Columbus Dispatch reports that a unique law that puts the state treasure in charge of choosing where the money is invested could be part of the reason.

Ohio state treasurer Josh Mandel has exclusive authority to decide which banks public pension funds use, and therefore, how much they pay in fees.

Ohio is the only state where the treasurer has this authority.

A study of the School Employees Retirement System shows that bank fees for Ohio's fund are twice the national average.

Pension fund leaders are in favor of changing the law to give them authority over which banks to use.

Mandel’s office responded that they would, “fight that effort tooth and nail.”

Listener Comments:

Obviously, Josh Mandel is more interested in making sure that the banking industry be guaranteed increased profits. Or perhaps it is just Mr. Mandel’s desire to micro manage public investments to suit his agenda, rather than to delegate authority to other stakeholders. Public fund leaders are actually interested in developing financially intelligent investments that will create long term solutions to improve and stabilize public pensions. Mr. Mandel’s desire to deny pension fund leaders any authority to do so is either a reflection of his partisan attitude or just an unwillingness to release any ‘power’ the Office of Treasurer afforded him.


Posted by: aerawleigh (cuyahoga falls) on June 8, 2013 12:06PM
Obviously, Josh Mandel is more interested in making sure that the banking industry be guaranteed increased profits. Or perhaps it is just Mr. Mandel’s desire to micro manage public investments to suit his agenda, rather than to delegate authority to other stakeholders. Public fund leaders are actually interested in developing financially intelligent investments that will create long term solutions to improve and stabilize public pensions. Mr. Mandel’s desire to deny pension fund leaders any authority to do so is either a reflection of his partisan attitude or just an unwillingness to release any ‘power’ the Office of Treasurer afforded him.


Posted by: aerawleigh (cuyahoga falls) on June 8, 2013 1:06AM
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