Public Pensions Watch 2019

Jon Riches, Goldwater Institute’s director of nationwide litigation, and Jonathan V. O’Steen, a lawyer for 14 years, informed The Arizona Republic it appears the Public Safety Personnel Retirement System experienced no legal obligation to give the bonuses. A couple of no records to indicate the pension fund’s regulating board, which had suspended the incentive reward program in 2013 indefinitely, approved the payouts.

Ironically, the three executives who searched for the trunk pay either publicly supported or voiced no opposition to suspending this program. The PSPRS board, appointed by Gov. 120,134 in bonus payments and deal with related issues. Week The table first discussed the issue last, following the Republic elevated questions about the obligations. The trust for first responders, judges, politicians, and correctional officers remains so underfunded that government entities across Arizona have been required to significantly enhance their contributions, making metropolitan areas such as Phoenix unable to hire additional police officers and firefighters.

Riches and O’Steen say state laws is clear that a person who alleges to have been harmed by a federal government entity in Arizona must document a notice of claim, a precursor to a lawsuit, within 180 days of the occurrence. That would have been in late 2013 for the PSPRS professionals.

A claim must state the liability and the financial amount the person would accept to settle. If the federal government rejects the state, the person must document a lawsuit within a 12 months. If the person fails to achieve this, the national government entity does not have any obligation to pay, they said. Riches, whose firm has been a federal government watchdog on pension issues.

O’Steen said federal government entities across Arizona have rejected reputable claims because people have failed to file within the tight deadline requirements. Smout, Parham, Steed, and Chen either cannot be reached or declined to comment. PSPRS spokesman Christian Palmer said. O’Steen said it’s possible the PSPRS table could claw back the bonus deals or seek legal action.

He said taxpayers also could file a complaint with the Attorney General’s Office. Attorney General Mark Brnovich’s Office lately Friday had not received any “problems that rise to the amount of criminal activity, nor have we received any open up meeting laws violation problems,” said spokeswoman Katie Conner. Conner added that PSPRS can be an independent agency with an appointed plank, and the Attorney General’s Office doesn’t have authority to control payment or settlement buildings. Palmer defended the payouts. However, the trust economically has been struggling.

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PSPRS positioned 37 out of 41 major public trusts on investment profits in 2018, based on the Pew Charitable Trusts, an unbiased nonprofit, nongovernmental research organization. Pew also found PSPRS to have among the most severe investment results for days gone by 10 years among major open public trusts while paying some of the largest outdoors management fees. Arizona’s public-safety pension system faces financial peril because of poor investments and generous retirement benefits.

Six years back, PSPRS came under open fire for providing five- and six-figure investment bonuses to staff amid poor investment results, including some full years where the trust lost money. In addition, there have been PSPRS staff allegations that financial results on real estate deals had been inflated to trigger the payouts. Parham attempted to quell the controversy by persuading the PSPRS table to suspend the incentive program and to not grant bonuses that year. Parham, at the time, said nearly all his personnel “understood the political environment and are and only the suspension system,” according to PSPRS records. At the time, only one other member of Parham’s investment team publicly opposed suspending this program.