Teachers’ Minn. pension fund under Tim Walz ‘cooking the books’ by vastly underreporting fees: ‘Madoff miracle’

A Minnesota retirement system for public school teachers under Gov. Tim Walz is “cooking the books” by vastly underreporting annual fees paid to Wall Street investment managers — and posting near-impossible gains tantamount to a “Madoff miracle,” a top pension investigator said.

The state-run Teachers Retirement Association, or TRA, has publicly disclosed less than 10% of an estimated $2.9 billion spent on fees in the past 10 years, said Edward Siedle, a former Security and Exchange Commission lawyer and independent pension investigator. ---More...