US. G.O.P. Senate Hopeful Faces Scrutiny Over Handling of Teacher Pensions
Before he entered Pennsylvania’s Senate race, David McCormick oversaw a giant hedge fund that invested billions of dollars for the retirement plans of the state’s teachers.
But Mr. McCormick’s company, Bridgewater Associates, delivered such middling profits and charged such high fees that the Pennsylvania teachers’ retirement fund moved to sell off its Bridgewater holdings beginning two years ago.
Overall, Bridgewater’s performance was a contributing factor in nearly a decade of poor returns for the retirement fund, trustees of the fund said in interviews.
The impact is now being felt indirectly by thousands of teachers who have to pay more from their paychecks to fund their retirements, an extra $300 annually in some cases.
Since jumping into the Republican primary in January, Mr. McCormick has offered his business career as a qualification for the open Senate seat in November, but he has made little mention of his connection to the state’s teacher pension fund, which has long been mired in controversy, nor to the more than $500 million in fees that Bridgewater was paid by the fund.
Rea more @The New York Times
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