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16 Democratic Lawmakers Press Treasurer Steiner for a Full Audit of Retirement Fund Risks
['James Neff', 'Jneff Oregonjournalismproject.Org', 'James Neff Joined Ojp In April Of He Has Served As Investigations Editor At The Philadelphia Inquirer', 'The Seattle Times. He Is The Author Of Five Nonfiction Books.', 'August']
Willamette Week
Sixteen Democratic lawmakers want Oregon State Treasurer Elizabeth Steiner to conduct what they say is a long overdue comprehensive audit of the Oregon Public Employees Retirement Fund.
“We believe this imbalance would have been addressed much earlier if Treasury and the Oregon Investment Council had conducted investment program audits.”
The chair of the Oregon Investment Council, Alline Akintore, did not immediately return a call seeking comment.
In particular, the legislators wanted the comprehensive audit to address fees for what are known as “zombie funds,” private equity funds older than 10 years that hold unsold or unsellable assets.
OPERF has about $1.3 billion in unsold values for pre-2014 private equity funds, the lawmakers said, citing an investment council report.