CHICAGO (CBS) — A scathing report has been issued about Chicago’s police pension fund, claiming taxpayers are paying millions of dollars more than needed in unnecessary fees.
Financial auditor Chris Tobe released a report Tuesday, three months after a group of retired officers hired him to review the management of the Policemen’s Annuity & Benefit Fund of Chicago.READ MORE: 5 Killed, 40 Wounded In Weekend Shootings Across Chicago
The report is titled, “Twisted Priorities: Putting Wall Street & Chicago money managers’ interests over Police Officers & Taxpayers.”Man Shot, Critically Wounded In Car Downtown
Tobe said the police pension fund is one of the most underfunded in the country.
He said those hidden fees should set off alarms for taxpayers.
“The financials claim around $7 million a year, but I’ve estimated over $70 million – 10 times that amount – paid out in no-bid contracts to mostly what we call private equity hedge funds,” Tobe said.MORE NEWS: One Person Rushed To Hospital After Multi-Vehicle Crash On Edens Expressway
Tobe is also suing the pension fund. He claims the fund failed to give him pertinent – and what should be public – information after he filed a public records request.