A good government group is blasting a state pension system for how it spent money on financial advisors.   The Better Government Association looked at money spent by the Teachers Retirement system from 2001 to 2010 on 200 outside financial advisors, noting it paid some companies tens of millions of dollars. Over that time, the system earned a 3.7 percent return.


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But the BGA’s Bob Reed says there were two economic downturns during that time. “The returns obviously got whacked very hard when the financial meltdown occurred in 2008 and 2009,” he says. “There was also a bear market in 2001.”   TRS says the pension system made up for some market losses with a 24 percent return on investment in 2011 – a year not included in the BGA’s report, which is available at www.bettergov.org.


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