Public pensions in Pennsylvania have a transparency problem. Though the public retirement systems pay performance-based fees to investment managers, these fees aren’t reported or publicly available.
The Employes’ Retirement System of the City of Milwaukee, a pension fund that covers over 12,500 city retirees and their survivors, reached a settlement in a lawsuit where the Milwaukee pension fund alleged losing “hundreds of millions of dollars” due to a fraudulent scheme.
Allianz Global Investors, a multinational investment firm based in Germany, is facing federal fraud charges – and the announcement comes just over two months after the Virginia Retirement System closed its account with the company.