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Teachers want promised audit of the State Teachers Retirement System

The pensions expert hired by retired teachers to look into the State Teachers Retirement System says he’s growing concerned about a special audit announced last year by the state auditor – which still hasn’t been released.

Ted Siedel does forensic investigations of pensions, and found STRS massively underperformed and paid too much in fees, which STRS disputes. Siedle says he was interviewed by Republican Auditor Keith Faber for the state’s special audit, announced after Siedle’s report came out. Siedle is now wondering where that audit is, since Faber said in September it would show he has some concerns about STRS.

“He's alarming the pensioners, government workers and retirees as well as taxpayers by saying there's some concerns, some worrisome issues, some troublesome things that he's identified. But he's not saying what they are.”

Siedle says if Faber is deliberately holding the audit till after the election, that’s reckless and irresponsible. The auditor’s office doesn’t give information about when audits will come out, but only says this one is still on track to be released by the end of the year, potentially December.