Description

MPSERS, Michigan Public School Employees Retirement System is hiding the true nature of its financial performance. It is using asset values nearly two years old to show its health (known as funded ratio). Had it simply included the current loss ($9.2 Billion) the funded ratio would be 70%, not 88.7%. How is this different than Bernard Madoff - MPSERS is playing games with its members and Michigan tax payers. The deficit is understated by at least the added loss of $9.2 billion -- add the $9.2 billion to the b-a column for "2007."