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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | February 24, 2014 04:25 PM |
|---|---|
| From: | Representative Mark Mustio |
| To: | All House members |
| Subject: | PSERS and SERS Resolution |
| In the near future I will be introducing a resolution in an attempt to bring awareness of an opportunity to save PSERS and SERS up to hundreds of millions of dollars. The hardworking and dedicated employees at PSERS and SERS have done a great job for our retirement systems. The evidence supporting that is substantial. Prior to our recent Appropriations budget hearing I became aware that between 2008-2013, there has been over $20 billion of National Best Bid Best Offer (NBBO) documented stock trade thru violations. These violated stock trades are covered under SEC rule 6.11, Reg NMS and FINRA. With a comprehensive examination of all engaged broker/dealer advisors through Pension Fund trading reports, our pension systems would be able to put their face on all violated trades that belong to the fund and begin the process of recovering member’s pension money. Though not completely solving the issue of under-funding, recovery of these trade thru violations could put a serious dent into the problem. Some say the recovery would be several hundred million dollars in addition to the future monitoring of the system to prevent future fraud. The advent of new technology has created an opportunity that our retirement systems have not been aware of until the hearing. The intent of this resolution is to motivate both systems to reach out to firms that provide the service to recover these funds. I encourage you to become a cosponsor of the legislation. |
Introduced as HR701