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.

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The report is titled, “Twisted Priorities: Putting Wall Street & Chicago money managers’ interests over Police Officers & Taxpayers.”

Read The Full Report

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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.

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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.

CBS 2 Chicago Staff