Who is managing police pension funds?
Jake Griffin's article on police pension funds is really disturbing. Not only are these guaranteed pension plans unfair to all taxpayers, but now it is evident that whoever is managing these funds is fiscally incompetent. The Dow-Jones Industrial Average gained 13 percent in 2016 and 25 percent in 2017. Where are the police pension funds being invested? Whoever lost money in 2017 should be looking for a new investment adviser. Those who made only a small gain should also be looking for professional managers.
Perhaps they have heard of Fidelity. Vanguard, Schwab, and numerous other top-notch financial advisers. I could not comprehend that Schaumburg's police pension lost money in 2017. They have $100 million in investments, the stock market gained 25 percent in 2017, so how did they lose 2 percent?
I am appalled at the idea that taxpayers should pay for these fiscally incompetent people. We pay enough property taxes without having to worry about the fiscal incompetence of people who are supposedly qualified to manage portfolios of this magnitude.
John P. Brady