STRS audit found no fraud, but requires clarity on investments and bonuses

14 months after his office announced it, a special audit by auditor Keith Faber of over $90 billion in State Teachers’ Retirement System has finally come out, finding no fraud but suggesting lawmakers need to be more transparent. the fund’s investment strategy and process, which generated $10 million in efficiency gains. stimulus this year, although the fund lost $5 billion.

Retired teachers, concerned about the lack of cost of living increases for five years, hired forensic investigator Ted Sidle to look into STRS. His report, which heavily criticized the foundation for its lack of transparency and oversight, led to a special scrutiny by the state. Siedle is pleased with the report, but notes that legislators need to make the proposed changes to increase transparency and public scrutiny.

“It was worth the wait. But then again, I don’t think the public should have waited, and I think the delay was typical electoral official policy.”

In a statement, STRS chief executive Bill Neville said that the thoroughness of the audit belied many inaccurate information and that STRS “remains unwavering in our commitment to the sustainability of the pension fund.” The fund lost $5 billion this year but paid out $10 million in incentive payments.

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