[6stringmerc]

Great find and thank you for kicking in - what the backstory might not address is that in pursuit of the 8.5% return, the fund management engaged in exceptionally risky investment schemes. Took trips to "scope out opportunities" on the Pension tab year after year totaling a bunch. The whole operation was shady and unchecked for at least a decade.

By the time anybody started paying attention, the wound had festered into a real infection. An almost uncontrolled fiasco of promises to the Police/Fire Unions and no chance of hitting the returns, and essentially gambling away millions that will only lose more in 10 years if that garbage isn't unwound like a bunch of bad Bear Stearns Swaps.

It's so ugly. It's an embarrassment. And the people who end up holding the bag look terrible for telling a 53 year old retired cop he shouldn't be able to pull out $1.7M in benefits and put a run on the account. Ugh!