Auditor General’s Report on PSPRS

As many members have seen over the last year, the Arizona Police Association (APA) and the MPA have been very active in testifying and researching more into our retirement system.  This last legislative session, public safety personnel were attached for being “greedy” and having an unsustainable retirement.  However, this could not have been further from the case.  The APA uncovered that $1.6 billion dollars of our retirement was spent with little to no oversight by the fund’s manager (at the time), Jack Cross.  He made risky investments while spending multi-millions of dollars in legal fees and opinions.  We are waiting to hear if criminal charges will be sought in this matter.  In the meantime, our association continues to be vocal about this situation.  Even after losing billions of dollars, our retirement is sustainable.  MPA invites all our members to review the report on our website at www.mesampa.com.  You will also find video clips of media interviews we have conducted over the last year.

New laws regarding your retirement take effect January 1, 2012.  We encourage all members to speak with a MPA recommended financial planner or with PSPRS on how the new laws apply to you and your family.  For recommendations and further assistance, please email mpa@mesampa.com.

Please find PDF links below to the Arizona Auditor General’s report on PSPRS.

Public Safety Personnel Retirement System Auditor General’s Full Report

Auditor General Executive Summary Report Highlights PSPRS Audit

Auditor General’s Report PSPRS Response Signed Version

LINK TO ABC 15 REPORT – 11.17.2011