Rich Fitzgerald calls for independent performance audit of county's retirement board
PITTSBURGH (KDKA) - Does Allegheny County's retirement board have too many fund managers?
The board invests more than $1 billion in pension funds for retired Allegheny County employees. But unlike similar boards with a handful of fund managers, the county has dozens.
On Thursday, board member and outgoing County Executive Rich Fitzgerald called for an independent performance audit.
"Are we spending money on fees and money managers that is in the best interest for the retirees and the taxpayers, and comparing how we do to other pension funds around the state and the country is something I would like to do and have an independent auditor conduct that," said Fitzgerald.
Last month, board member and County Controller Corey O'Connor raised concerns that having so many fund managers raises the appearance of so-called paying-to-play.
He put in a bill banning fund managers from making political contributions to board members.