Getting the reality about cryptocurrency playing at public pensions is not any easy job.
getty
In response to public issues, the McLean Residents Affiliation will host a digital Public Informational Assembly to debate two of the three Fairfax County Virginia pension funds’ cryptocurrency-related investments tomorrow. Fairfax County’s Retirement Programs Government Director Jeff Weiler, who has publicly acknowledged that cryptocurrency is “no totally different from some other funding” and the Chief Funding Officers of the Staff’ Retirement System (Andrew Spellar) and the Police Officers Retirement System (Katherine Molnar), each of whom have advocated for cryptocurrency investing will focus on their views. For no matter cause, the Chief Funding Officer of the third pension, the Uniformed Staff Retirement System (Brian Morales), who brazenly opposes crypto investing by public pensions—in Fairfax County and past—is not going to be collaborating within the digital assembly or sharing his opinions. Registration is supposedly open to everybody. Most annoying, the general public might be unable to confirm any representations made on the public informational assembly relating to the character and extent of crypto-holdings by the Fairfax County pensions since, regardless of excellent public report requests for paperwork, no crypto paperwork have been launched to the general public. A lot for transparency and public accountability in Fairfax County Virginia.
America’s state and native pensions are presupposed to be probably the most transparency on this planet. In spite of everything, trillions of public {dollars} are held in these largely unregulated funding funds and each state has established freedom of knowledge act legal guidelines designed to make sure public accountability. Sadly, as I focus on in my bestselling guide, Who Stole My Pension? public pensions have develop into very adept at circumventing state public information legal guidelines and stonewalling. I frequently encourage public pension stakeholders to request paperwork relating to their state and native pension’s investments and witness the hostile response they get. Keep in mind, whereas there may be nothing to stop public pensions from assembly and even exceeding the minimal necessities of their state’s public information legal guidelines—i.e., offering the general public with enhanced transparency—all public pensions I’ve ever investigated refuse to supply even minimal info till compelled to take action by means of litigation.
Whereas we will rail perpetually concerning the lack of transparency at public pensions, a real-life instance maybe greatest illustrates the issue. Beneath is a verbatim report of my unsuccessful efforts since early December to acquire information from Fairfax County relating to the crypto-holdings of its three pensions. As you’ll be able to see, initially I used to be advised the pension had no obligation to answer inquiries from non-Virginia residents or media representatives except the publication might present circulation in Virginia. After I advised the county consultant, “In case you have one thing known as the web in Virginia, then I’m certain Forbes.com has circulation in your state,” the county agreed to start to course of my request. To this point, all I’ve acquired is a nugatory single-page closely redacted doc.
_________________________
Expensive Sirs,
With respect to the Uniformed Retirement System, please disclose any direct or oblique investments, together with by means of funds managed by exterior fund managers, in any of the next classes because it pertains to digital property:
MORE FOR YOU
Automated market makers (AMM); Centralized exchanges (CEX); Convertible digital currencies (“CVC”); CVC funds and ETFs; CVC indices; Decentralized autonomous organizations (DAOs); Decentralized exchanges (DEX); Decentralized finance (DeFi); Derivatives; Ecosystems; Governance tokens; Hedge funds; Id administration; Lending and borrowing; Metaverse; Mining (every kind); NFTs and collectibles; Choices; Oracles; Personal fairness; Portfolio administration; Actual property; Staking; Stablecoins; Tokenized commodities; Tokenized securities; Utility tokens; Enterprise; Pockets suppliers; Wrapped tokens; Yield farming.
Edward Siedle
_________________________________
Despatched: Fri, Dec 9, 2022 3:40 pm
Topic: Re: Forbes article VFOIA-70391
Mr. Siedle,
My identify is Jennifer Snyder and I am the FOIA coordinator for Fairfax County’s Retirement Programs. Retirement has acquired your request for information at this time, December 9, 2022 and has assigned it reference quantity VFOIA-70391. A duplicate can be hooked up.
Please be suggested that pursuant to Va. Code § 2.2-3704(A), residents of the Commonwealth of Virginia, representatives of newspapers and magazines with circulation within the Commonwealth, and representatives of radio and tv stations broadcasting in or into the Commonwealth are granted entry to public information within the custody of Fairfax County Authorities. As such, pursuant to Va. Code § 2.2-3704(A), Fairfax County is requiring you to supply your authorized deal with. Please present proof of your Virginia state residency at your earliest comfort.
Thanks a lot,
Jennifer Snyder
________________________________
From: Edward Siedle
Despatched: Friday, December 9, 2022 4:21 PM
To: Snyder, Jennifer <Jennifer.Snyder@fairfaxcounty.gov>
Topic: Re: Forbes article VFOIA-70391
Please be suggested that Forbes journal and Forbes.com each have circulation in Virginia.
Nonetheless, you indicated to me at this time that even when I had been a Virginia resident (or the journal I write for had requisite circulation in VA), the data I requested wouldn’t be publicly disclosed as a result of in 2018 the County agreed with Wall Road fund managers that every one info associated to their underlying portfolio funding holdings constituted commerce secrets and techniques exempt from public disclosure.
Lastly, you represented to me at this time that the Uniform pension has completely not one of the digital property I’ve listed under, instantly or not directly, in its portfolio. You indicated you’ve really reviewed the holdings of all of the funds by which the Uniform pension has invested and are assured there aren’t any direct or oblique digital holdings. Please affirm all the above.
Have a pleasant weekend.
Ted Siedle
______________________________________
To: Edward siedle
Despatched: Fri, Dec 9, 2022 5:04 pm
Topic: RE: Forbes article VFOIA-70391
Totally denied, no affirmation given.
Please enable me to make clear.
I mentioned in 2018 Fairfax Retirement Company adopted and carried out VA-FOIA procedures handed all the way down to companies from the Fairfax County FOIA company.
Step 1 is to finish the requisite that we observe our FOIA procedures for “residents of the Commonwealth of Virginia, representatives of newspapers and magazines with circulation within the Commonwealth, and representatives of radio and tv stations broadcasting in or into the Commonwealth.”
I’ve reviewed your article Ohio Lecturers Pension Has No Remark Or Data Concerning Its Cryptocurrency Investments (forbes.com) and validate that you’re a consultant of a [digital] journal with circulation in VA. Thanks for confirming.
I additionally suggested of a step 2, which I’ll do now:
Fairfax County could assess affordable fees to not exceed its precise price incurred in accessing, duplicating, supplying, looking for requested information, or creating a value estimate. If you want a value estimate, please tell us promptly earlier than we offer a response to your request. Please notice if we don’t hear from you promptly, we are going to proceed to course of your request, and you could be chargeable for any fees incurred.
I’m going to waive the price and estimates presently. Do you have to want to proceed with a request beneath VFOIA-70391, I’ll present a value estimate.
I’m waiving prices related to this request, presently, as a result of:
Please be suggested that VFOIA “applies to requests for public information, not requests for info or for solutions to questions.” VFOIA Advisory Council Op. AO-06-05 (Could 31, 2005). To that finish, if this had been a request cognizable beneath VFOIA, as a result of it’s a request for info moderately than one looking for public information, no response is required.
As at all times, please be at liberty to succeed in again out to me for extra help. Within the meantime, some public information for the Fairfax County Uniformed Retirement System could also be discovered on our web site right here: Monetary Publications | Retirement Programs (fairfaxcounty.gov).
Thanks,
Jennifer Snyder
__________________________________________
From: Edward siedle
To: Jennifer.Snyder@fairfaxcounty.gov <Jennifer.Snyder@fairfaxcounty.gov>
Despatched: Tue, Dec 13, 2022 2:04 pm
Topic: Re: Forbes article VFOIA-70391
Properly, Jennifer, this is my revised request.
With respect to the Uniformed Retirement System, please present any paperwork associated to any direct or oblique investments, together with by means of funds managed by exterior fund managers, in any of the next classes because it pertains to digital property:
Automated market makers (AMM); Centralized exchanges (CEX); Convertible digital currencies (“CVC”); CVC funds and ETFs; CVC indices; Decentralized autonomous organizations (DAOs); Decentralized exchanges (DEX); Decentralized finance (DeFi); Derivatives; Ecosystems; Governance tokens; Hedge funds; Id administration; Lending and borrowing; Metaverse; Mining (every kind); NFTs and collectibles; Choices; Oracles; Personal fairness; Portfolio administration; Actual property; Staking; Stablecoins; Tokenized commodities; Tokenized securities; Utility tokens; Enterprise; Pockets suppliers; Wrapped tokens; Yield farming.
Edward Siedle
____________________________
From: Edward siedle
Despatched: Monday, December 19, 2022 3:39 PM
To: Snyder, Jennifer <Jennifer.Snyder@fairfaxcounty.gov>
Topic: Fwd: Forbes article VFOIA-70391
Jennifer,
Please affirm receipt of my revised request under. Additionally, please affirm that with respect to the Staff pension fund, direct and oblique investments in cryptocurrency and associated corporations prior to now exceeded 10% of the portfolio, inclusive of dedicated capital and that such investments within the Police pension exceeded 13% prior to now—previous to any markdowns of crypto property. Lastly, please affirm that such investments within the Uniform plan quantity to no less than $190,000, primarily based upon solely these exterior managers which have responded to inquiries by the plan. With respect to any exterior managers that haven’t agreed to reveal cryptocurrency property, the quantities are unknown.
Thanks.
Edward Siedle
__________________________________
From: Snyder, Jennifer <Jennifer.Snyder@fairfaxcounty.gov>
To: Edward siedle <esiedle@aol.com>
Cc: Morales, Brian <Brian.Morales@fairfaxcounty.gov>; Spellar, Andrew <Andrew.Spellar@fairfaxcounty.gov>; Molnar, Katherine <Katherine.Molnar@fairfaxcounty.gov>
Despatched: Mon, Dec 19, 2022 4:03 pm
Topic: RE: Forbes article VFOIA-70391
Expensive Mr. Siedle,
I affirm receipt of the revised request on 12/13/2022. On 12/14/2022 I offered the revised request to the CIO, Brian Morales to start figuring out managers which will have the checklist of asset classes and the place I’d discover a report conscious of your request.
On Friday, 12/16/2022, I acquired an e mail affirmation from Brian Morales:
Jennifer,
I’ve spoken with Edward Siedle and answered his VFOIA inquiries to his satisfaction.
Brian Morales
CIO – Fairfax County Uniformed Retirement System
I’ve since closed VFOIA-70391. Are you stating that the telephone dialog was to not your satisfaction? If that’s the case, I’m blissful to reopen the request and do a seek for information we could have that is perhaps conscious of your request.
Please keep in mind that VFOIA “applies to requests for public information, not requests for info or for solutions to questions.” VFOIA Advisory Council Op. AO-06-05 (Could 31, 2005). We don’t make confirmations.
Please submit a request for any information for any Retirement Programs not initially referenced beneath VFOIA-70391.
As soon as I’ve a request for public information from you, I’ll present a value and an effort estimate on your evaluation and settlement previous to starting work.
Thanks,
Jennifer Snyder
____________________________________
From: Andrew Spellar
Despatched: December 21, 2022
Mr. Siedle,
To a big extent our palms are tied in that we enter into confidentiality agreements with our managers beneath provisions inside the Virginia FOIA statutes to guard portfolio investments.
I’d level you to our web site and our Annual Monetary Reviews that are the general public paperwork of report.
Monetary Publications | Retirement Programs (fairfaxcounty.gov)
Moreover, you’re free to method managers together with your inquiries instantly.
Regards,
Andy
Andrew J. Spellar
Chief Funding Officer
Fairfax County Staff’ System
______________________________________
From: Edward siedle
Despatched: Wednesday, December 21, 2022 12:17 PM
To: Snyder, Jennifer <Jennifer.Snyder@fairfaxcounty.gov>
Cc: Morales, Brian <Brian.Morales@fairfaxcounty.gov>; Spellar, Andrew <Andrew.Spellar@fairfaxcounty.gov>; Molnar, Katherine <Katherine.Molnar@fairfaxcounty.gov>
Topic: Re: Forbes article VFOIA-70391
Ms. Snyder,
I’ve filed a public information request with you, as you’ve instructed me to do, versus a request for info or for solutions to questions (as to which you’ve suggested me you don’t have any obligation to reply— whilst a courtesy to main media). To this point, I’ve been supplied with no public information. None. I’ve certainly spoken with Mr. Morales and requested, most not too long ago, that you simply or he affirm the data he offered to me over the phone, together with the odds of crypto property held within the Police, Basic Staff and Uniform pensions, previous to any markdowns. In the event you’re not going to supply me with the information requested and ask that I rely solely upon info offered verbally by Mr. Morales, please affirm the accuracy of that info.
Edward Siedle
____________________________________
From: Snyder, Jennifer
Despatched: Wednesday, December 21, 2022 5:35 PM
To: Edward siedle
Cc: Morales, Brian <Brian.Morales@fairfaxcounty.gov>; Spellar, Andrew <Andrew.Spellar@fairfaxcounty.gov>; Molnar, Katherine <Katherine.Molnar@fairfaxcounty.gov>
Topic: RE: Forbes article VFOIA-70391
Mr. Siedle,
VFOIA-70391 pertains to Fairfax County Uniformed Retirement System. We now have not acquired a request for information from you for the Staff System or Police. I did obtain your affirmation of a revised request the place you added the Staff’ and Police:
“Additionally, please affirm that with respect to the Staff pension fund, direct and oblique investments in cryptocurrency and associated corporations prior to now exceeded 10% of the portfolio, inclusive of dedicated capital and that such investments within the Police pension exceeded 13% prior to now—previous to any markdowns of crypto property.”
This was not a request for public information and was added to an present, open request. As a courtesy to you, we are going to open a brand new request with the identical, requested particulars for the Staff’ and Police Retirement Programs.
Concerning VFOIA-70391, there are 2 paperwork that, when utilized collectively, could also be conscious of your request. I’ve reviewed our contracted settlement with the funding firm and it states we’re to supply the corporate a replica of the request, and responsive paperwork for his or her evaluation. They’ll evaluation the request and paperwork for proprietary and commerce secret exemptions that apply (if any). On the identical time, I’ll have our authorized division do the identical evaluation. As soon as all events are in settlement, we are going to reply to VFOIA-70391.
Because of the vacation season and my lack of ability to regulate the time effort of out of doors events, I want to ask for an extension to the 5 enterprise day rule. I’ll work as diligently as potential by means of the following 5 enterprise days to get you a response. I’ll preserve you knowledgeable as to the work being completed by the exterior events and ask that you simply please be versatile if there turns into a necessity to increase the deadline. Once more, I’ll preserve you posted.
I’d wish to advise you that the FOIA request for the Uniformed Retirement System occurs to be for just one funding. Staff and Police probably have 4-6 investments and can take incrementally extra time. Extra on the extra Retirement Programs after I open the brand new request and start the method.
Jennifer Snyder
________________________________________
From: Snyder, Jennifer
Despatched: Wednesday, December 28, 2022 11:45 AM
To: edward siedle <esiedle@aol.com>
Cc: Ando, Yuko <Yuko.Ando@fairfaxcounty.gov>
Topic: RE: Forbes article VFOIA-70391 & VFOIA-71027
Mr. Siedle,
On account of staffing shortages by means of the vacation season, Fairfax County requires a further seven working days to answer VFOIA-70391. Va. Code Ann. § 2.2-3704(B)(4). The County will make any responsive information recognized accessible to you 7 working days after at this time, the primary 5 enterprise days after your up to date request was acquired, or any updates that may be offered sooner.
As a courtesy to you, I’ve created VFOIA-71027 which can embody your request for Staff’ and Police Officer’s Programs information. Presently, for a similar cause acknowledged above, I want to inform you that VFOIA-71027 will even require a further 7 working days.
Thanks a lot on your curiosity in Fairfax County’s Retirement Programs.
Hope you’re having a beautiful vacation season.
Jennifer Snyder
_________________________________
On Thursday, December 29, 2022, 10:40 AM, Snyder, Jennifer <Jennifer.Snyder@fairfaxcounty.gov> wrote:
Expensive Mr. Siedle,
In gentle of your publication yesterday Fairfax County Virginia Police And Staff Pensions Gamble 13%, 10% In Crypto; Uniformed Pension Not-So-A lot? (forbes.com) do you continue to need us to course of your FOIA requests? We’re blissful to proceed to analysis information which may be responsive, however want to affirm your want for us to proceed the trouble.
Hope to listen to from you quickly. We stand able to proceed.
Thanks,
Jennifer Snyder
___________________________________
From: Edward siedle
Despatched: Thursday, December 29, 2022 11:29 AM
To: Snyder, Jennifer <Jennifer.Snyder@fairfaxcounty.gov>
Cc: Ando, Yuko <Yuko.Ando@fairfaxcounty.gov>
Topic: Re: Forbes article VFOIA-70391 & VFOIA-71027
Sure. Please do. Thanks and blissful new yr.
Edward Siedle
_______________________________________
From: Snyder, Jennifer <Jennifer.Snyder@fairfaxcounty.gov>
To: edward siedle
Despatched: Thu, Dec 29, 2022 5:03 pm
Topic: VFOIA-71027 Digital Belongings Fairfax County Staff’ and Police Retirement Programs
Mr. Siedle,
Thanks for submitting your Virginia Freedom of Data Act (VFOIA) request to Fairfax County Retirement Programs, a replica of which is included under. To your reference, we have now assigned it reference quantity VFOIA-71027.
Fairfax County could assess affordable fees to not exceed its precise price incurred in accessing, duplicating, supplying, looking for requested information, or creating a value estimate. The Fairfax County Staff’ and Police Retirement techniques presently have 10 investments (per system, 20 whole), every having offered information conscious of your request.
I want to advise you that these information are topic to contracts with non-public corporations who’ve acknowledged their understanding of Virginia’s FOIA legal guidelines and exemption processes and have both submitted their required exemption supplies, or function beneath the process whereby they’ve agreed to be told of the request. The funding corporations are allowed to evaluation the request, then provide exemption particulars as the necessity arises. Beneath all circumstances, every of the 20 investments’ contractual circumstances and responses should be reviewed by me, because of the different complexity of the information implicated beneath the request, and the need of getting a extra senior worker evaluation a portion of the information.
I estimate every evaluation to take 1 hour, for a complete of 10 hours (assuming when 2 techniques spend money on the identical fund all language is materially the identical). At $57/hour, the entire estimated price to answer your request is $570.Pursuant to Va. Code Ann. § 2.2-3704(H), the County requires cost previous to processing your VFOIA request as a result of the estimated prices will exceed $200. In the event you want to proceed together with your VFOIA request, please ship a examine to Fairfax County Retirement techniques, C/O Jennifer Snyder within the quantity of $570, to the deal with in my signature block under, made payable to the “County of Fairfax”. To the extent that the precise prices could enhance, you can be required to pay any extra prices, and if the precise prices are lower than estimated, the County will refund you the distinction.
I stand able to service your request upon your settlement. Within the meantime, a few of the info you’ve requested is out there on-line right here:
We recognize your curiosity within the County’s Retirement Programs and if or when there’s any extra we will do, please be at liberty to succeed in out to me, referencing the FOIA monitoring quantity above.
Thanks.
______________________________________
From: edward siedle
Despatched: Saturday, December 31, 2022 12:31 PM
To: Snyder, Jennifer <Jennifer.Snyder@fairfaxcounty.gov>
Topic: Re: VFOIA-71027 Digital Belongings Fairfax County Staff’ and Police Retirement Programs
Ms. Snyder,
Since you’ve acknowledged you’ve the discretion to waive any charges, I counsel you accomplish that given the apparent advantages to individuals ensuing from skilled evaluation and insights.
Thanks.
Edward Siedle
______________________________________________
Mr. Siedle,
Thanks on your request for a price waiver for VFOIA-71027. As I discussed in my prior e mail, the anticipated price to look, evaluation, redact, and offer you responsive information could be no less than $570. The County just isn’t keen to waive the anticipated precise allowable prices regarding this FOIA request. In keeping with Fairfax County’s Countywide FOIA Coverage, price waivers must be thought-about when the price is anticipated to be lower than $50.
As you already know, I’ve offered you with a price waiver for an additional FOIA, which is in progress (VFOIA-70391). The precise allowable prices of that FOIA are effectively in extra of $100. We are going to reply to this FOIA as quickly as we will and we very a lot recognize your endurance.
Jennifer Snyder
__________________________________________
January 6, 2023
Mr. Siedle,
A report conscious of your request (VFOIA-70391) is hooked up. Please be suggested that parts of this report are redacted pursuant to Code of Virginia sections 2.2-3705.7(12) and a pair of.2-3705.1(13) – as marked on the hooked up report. The second web page of the report, containing one paragraph regarding a mixture of a non-public entity’s portfolio corporations or properties, is withheld in its entirety pursuant to Virginia Code part 2.2-3705.7(12).
Sincerely,
Jennifer Snyder
________________________
In conclusion, in case you are a public pension stakeholder (both a taxpayer or participant) I encourage you to file public information requests for details about administration (or mismanagement) of investments. Right here’s hoping you’ll have higher luck than I’ve ever had.
from Cryptocurrency – My Blog https://ift.tt/pEiHASm
via IFTTT