News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

NOCHE

Wayside Furniture

Hennes Paynter Communications


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
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
Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

Bridgestone exec indictments are latest step in a billion-dollar price-fixing case
Why is O.P.E.C Not investigated and charges brought against it and it's member companies? It sounds exactly the same...

Ohio's new drilling rules rely on known earthquake faults
requiring drillers to place seismic monitors when they drill within 3 miles of known fault lines. This comment really upsets me!! What good does an instrument t...

Kasich's gubernatorial ad focuses on his blue-collar roots
John Kasich is the biggest con-man in America. He will say one thing and then do the opposite. He is terribly successful at fooling the public and he is worki...

Cab drivers who refuse to drive Gay Games taxis will be replaced
the irony is that most americans distrust or hate muslims much more than they hate gays!! silly ignorant bigots-GO HOME!!!

New transportation companies come to Cleveland
Ride-sharing companies are breaking laws and regulations every day. From regulatory fee evasion to use of smartphone while driving (and even two smartphones(!) ...

Cleveland anti-poverty agency executive resigns amid financial probe
That committee won't be too independent. He plans to stay on until after the new appointee is chosen.

How can you wipe a criminal record clean?
Great article! NO CLINIC in May 2014, however, because it's graduation month for students For the next dates of the FREE Legal Clinic to help with Expungment,...

Drilling remains suspended while ODNR investigates NE Ohio earthquakes
Flaring and lights, so has all been halted? Also, smell of HS2 and sounds of an auger/drilling/water rushing underground. So, has all been halted? In light of t...

Will the Ohio River carry fracking wastewater?
Texas $ vs. WV citizens . Who will our governor listen to?

Copyright © 2014 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University