Who better to run the city's pension fund than a guy who's declaring bankruptcy.....
The long-time Cincinnati pension system supervisor accused of improperly loaning himself money from his contributions faces a host of personal financial problems - including bankruptcy, an Enquirer investigation shows.
Gordon Keith Giles, a 28-year city employee, will hear the official allegations against him at an administrative hearing today and be able to respond. He and a subordinate, Norma Haygood, were put on leave with pay in January after audits discovered they might have violated rules about how much pension money can be taken out and for how long.
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The $1.83 billion Cincinnati Retirement System, which has been in the news for losing $854 million last year, allows contributors to take out loans of up to $50,000 of their contributions and pay them back over five years. There are limits to the number of loans.
Giles took out 20 loans in the past seven years, according to one audit.
What's so "progressive" about a bankrupt pension plan?
Article here
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