Getting the reality about cryptocurrency playing at public pensions is not any easy job.
In response to public considerations, 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 Methods Govt Director Jeff Weiler, who has publicly said that cryptocurrency is “no totally different from some other funding” and the Chief Funding Officers of the Workers’ Retirement System (Andrew Spellar) and the Police Officers Retirement System (Katherine Molnar), each of whom have advocated for cryptocurrency investing will talk about their views. For no matter purpose, the Chief Funding Officer of the third pension, the Uniformed Workers Retirement System (Brian Morales), who brazenly opposes crypto investing by public pensions—in Fairfax County and past—is not going to be taking part within the digital assembly or sharing his opinions. Registration is supposedly open to everybody. Most annoying, the general public shall 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 file 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 purported to be probably the most transparency on the planet. In any case, 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 talk about in my bestselling ebook, Who Stole My Pension? public pensions have change into very adept at circumventing state public information legal guidelines and stonewalling. I repeatedly 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 offer even minimal info till pressured to take action by means of litigation.
Whereas we are able to rail perpetually concerning the lack of transparency at public pensions, a real-life instance maybe finest illustrates the issue. Beneath is a verbatim file 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 informed the pension had no obligation to answer inquiries from non-Virginia residents or media representatives except the publication may present circulation in Virginia. After I informed 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. Thus far, 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:
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; Non-public 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 title is Jennifer Snyder and I am the FOIA coordinator for Fairfax County’s Retirement Methods. Retirement has acquired your request for information at the moment, 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 offer your authorized tackle. 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 the moment that even when I have 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 Avenue 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 the moment 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 might have really reviewed the holdings of all of the funds by which the Uniform pension has invested and are assured there are not any direct or oblique digital holdings. Please verify 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 stated in 2018 Fairfax Retirement Company adopted and carried out VA-FOIA procedures handed right down to businesses from the Fairfax County FOIA company.
Step 1 is to finish the requisite that we comply with 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 Information 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 might assess affordable expenses to not exceed its precise price incurred in accessing, duplicating, supplying, trying to find requested information, or growing a value estimate. If you need a value estimate, please tell us promptly earlier than we offer a response to your request. Please word if we don’t hear from you promptly, we are going to proceed to course of your request, and chances are you’ll be answerable for any expenses incurred.
I’m going to waive the associated fee and estimates at the moment. 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, at the moment, 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 (Might 31, 2005). To that finish, if this have been a request cognizable beneath VFOIA, as a result of it’s a request for info fairly than one looking for public information, no response is required.
As at all times, please be happy to succeed in again out to me for added 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 Methods (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
Effectively, Jennifer, here 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; Non-public 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 verify receipt of my revised request under. Additionally, please verify that with respect to the Workers pension fund, direct and oblique investments in cryptocurrency and associated corporations up to now exceeded 10% of the portfolio, inclusive of dedicated capital and that such investments within the Police pension exceeded 13% up to now—previous to any markdowns of crypto property. Lastly, please verify that such investments within the Uniform plan quantity to not less than $190,000, based mostly 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 verify 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 that will have the checklist of asset classes and the place I’d discover a file 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 pleased to reopen the request and do a seek for information we might have that is perhaps conscious of your request.
Please do not forget that VFOIA “applies to requests for public information, not requests for info or for solutions to questions.” VFOIA Advisory Council Op. AO-06-05 (Might 31, 2005). We don’t make confirmations.
Please submit a request for any information for any Retirement Methods 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 assessment and settlement previous to starting work.
Thanks,
Jennifer Snyder
____________________________________
From: Andrew Spellar
Despatched: December 21, 2022
Mr. Siedle,
To a big extent our arms are tied in that we enter into confidentiality agreements with our managers beneath provisions throughout the Virginia FOIA statutes to guard portfolio investments.
I might level you to our web site and our Annual Monetary Experiences that are the general public paperwork of file.
Monetary Publications | Retirement Methods (fairfaxcounty.gov)
Moreover, you’re free to strategy managers together with your inquiries instantly.
Regards,
Andy
Andrew J. Spellar
Chief Funding Officer
Fairfax County Workers’ 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 might have instructed me to do, versus a request for info or for solutions to questions (as to which you might have suggested me you haven’t any obligation to reply— whilst a courtesy to main media). Thus far, I’ve been supplied with no public information. None. I’ve certainly spoken with Mr. Morales and requested, most just lately, that you simply or he verify the data he offered to me over the phone, together with the odds of crypto property held within the Police, Normal Workers and Uniform pensions, previous to any markdowns. Should you’re not going to offer me with the information requested and ask that I rely solely upon info offered verbally by Mr. Morales, please verify 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. Now we have not acquired a request for information from you for the Workers System or Police. I did obtain your affirmation of a revised request the place you added the Workers’ and Police:
“Additionally, please verify that with respect to the Workers pension fund, direct and oblique investments in cryptocurrency and associated corporations up to now exceeded 10% of the portfolio, inclusive of dedicated capital and that such investments within the Police pension exceeded 13% up 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 Workers’ and Police Retirement Methods.
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 offer the corporate a replica of the request, and responsive paperwork for his or her assessment. They’ll assessment 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 assessment. As soon as all events are in settlement, we are going to reply to VFOIA-70391.
As a result of vacation season and my incapability to manage the time effort of outdoor events, I wish to ask for an extension to the 5 enterprise day rule. I’ll work as diligently as doable by means of the subsequent 5 enterprise days to get you a response. I’ll hold you knowledgeable as to the work being performed 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 hold you posted.
I’d wish to advise you that the FOIA request for the Uniformed Retirement System occurs to be for just one funding. Workers and Police probably have 4-6 investments and can take incrementally extra time. Extra on the extra Retirement Methods 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,
Resulting from 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 the moment, 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 Workers’ and Police Officer’s Methods information. Right now, for a similar purpose said above, I want to inform you that VFOIA-71027 may also require a further 7 working days.
Thanks a lot on your curiosity in Fairfax County’s Retirement Methods.
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 Workers 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 pleased to proceed to analysis information that could be responsive, however wish to verify 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 pleased new yr.
Edward Siedle
_______________________________________
January 6, 2023
Mr. Siedle,
A file conscious of your request (VFOIA-70391) is hooked up. Please be suggested that parts of this file 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 file. The second web page of the file, containing one paragraph regarding a mixture of a personal 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, if you’re 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.