Public Records Stonewalling About Cryptocurrency In Fairfax County Virginia Pensions

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 Techniques Government Director Jeff Weiler, who has publicly said that cryptocurrency is “no totally different from another 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 motive, the Chief Funding Officer of the third pension, the Uniformed Workers Retirement System (Brian Morales), who overtly opposes crypto investing by public pensions—in Fairfax County and past—won’t be collaborating within the digital assembly or sharing his opinions. Registration is supposedly open to everyone. 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 imagined to be probably the most transparency on this 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 guide, Who Stole My Pension? public pensions have develop into very adept at circumventing state public information legal guidelines and stonewalling. I usually 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’s 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 via litigation.

Whereas we will rail perpetually in regards to the lack of transparency at public pensions, a real-life instance maybe finest 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 possibly can see, initially I used to be instructed the pension had no obligation to answer inquiries from non-Virginia residents or media representatives until the publication might present circulation in Virginia. After I instructed the county consultant, “When you’ve got 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. Up to now, all I’ve obtained is a nugatory single-page closely redacted doc.

_________________________

Pricey Sirs,

With respect to the Uniformed Retirement System, please disclose any direct or oblique investments, together with via 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; Identification administration; Lending and borrowing; Metaverse; Mining (all types); 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 Techniques. Retirement has obtained your request for information as we speak, December 9, 2022 and has assigned it reference quantity VFOIA-70391. A duplicate can be connected.

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 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.

However, you indicated to me as we speak 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 each one info associated to their underlying portfolio funding holdings constituted commerce secrets and techniques exempt from public disclosure.

Lastly, you represented to me as we speak 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 got truly reviewed the holdings of all of the funds wherein the Uniform pension has invested and are assured there are not any direct or oblique digital holdings. Please affirm the entire 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 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 Academics Pension Has No Remark Or Data Relating to 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 prices to not exceed its precise value incurred in accessing, duplicating, supplying, looking for requested information, or growing a value estimate. If you want a value estimate, please tell us promptly earlier than we offer a response to your request. Please observe if we don’t hear from you promptly, we are going to proceed to course of your request, and it’s possible you’ll be answerable for any prices incurred.

I’m going to waive the fee and estimates right now. Do you have to want to proceed with a request underneath VFOIA-70391, I’ll present a value estimate.

I’m waiving prices related to this request, right now, 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 have been a request cognizable underneath VFOIA, as a result of it’s a request for info fairly than one searching for public information, no response is required.

As at all times, please be happy to achieve 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 Techniques (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, 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 via 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; Identification administration; Lending and borrowing; Metaverse; Mining (all types); 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 Workers pension fund, direct and oblique investments in cryptocurrency and associated firms 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 affirm that such investments within the Uniform plan quantity to at the least $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

Pricey Mr. Siedle,

I affirm receipt of the revised request on 12/13/2022. On 12/14/2022 I supplied the revised request to the CIO, Brian Morales to start figuring out managers that will have the listing of asset classes and the place I’d discover a report aware of your request.

On Friday, 12/16/2022, I obtained 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 cellphone dialog was to not your satisfaction? If that’s the case, I’m completely satisfied to reopen the request and do a seek for information we might have that is likely to be aware 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 Techniques not initially referenced underneath VFOIA-70391.

As soon as I’ve a request for public information from you, I’ll present a value and an effort estimate to your overview and settlement previous to starting work.

Thanks,

Jennifer Snyder

____________________________________

From: Andrew Spellar

Despatched: December 21, 2022

Mr. Siedle,

To a big extent our fingers are tied in that we enter into confidentiality agreements with our managers underneath provisions throughout the Virginia FOIA statutes to guard portfolio investments.

I might level you to our web site and our Annual Monetary Stories that are the general public paperwork of report.

Financial Publications | Retirement Systems (fairfaxcounty.gov)

Moreover, you might be free to method managers along 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’ve got instructed me to do, versus a request for info or for solutions to questions (as to which you’ve got suggested me you don’t have any obligation to reply— whilst a courtesy to main media). Up to now, 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 just or he affirm the data he supplied to me over the phone, together with the odds of crypto property held within the Police, Common Workers and Uniform pensions, previous to any markdowns. In case you’re not going to supply me with the information requested and ask that I rely solely upon info supplied 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’ve not obtained 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 affirm that with respect to the Workers pension fund, direct and oblique investments in cryptocurrency and associated firms 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 current, 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 Techniques.

Relating to VFOIA-70391, there are 2 paperwork that, when utilized collectively, could also be aware 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 overview. They are going to overview 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 overview. 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 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 via the subsequent 5 enterprise days to get you a response. I’ll preserve you knowledgeable as to the work being carried out by the exterior events and ask that you just please be versatile if there turns into a necessity to increase the deadline. Once more, I’ll preserve you posted.

I’d prefer to advise you that the FOIA request for the Uniformed Retirement System occurs to be for only one funding. Workers and Police doubtlessly have 4-6 investments and can take incrementally extra time. Extra on the extra Retirement Techniques 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,

As a consequence of staffing shortages via the vacation season, Fairfax County requires an extra seven working days to answer VFOIA-70391. Va. Code Ann. § 2.2-3704(B)(4). The County will make any responsive information recognized out there to you 7 working days after as we speak, the primary 5 enterprise days after your up to date request was obtained, or any updates that may be supplied sooner.

As a courtesy to you, I’ve created VFOIA-71027 which can embody your request for Workers’ and Police Officer’s Techniques information. At the moment, for a similar motive said above, I want to inform you that VFOIA-71027 may even require an extra 7 working days.

Thanks a lot to your curiosity in Fairfax County’s Retirement Techniques.

Hope you might be having an exquisite vacation season.

Jennifer Snyder

_________________________________

On Thursday, December 29, 2022, 10:40 AM, Snyder, Jennifer <Jennifer.Snyder@fairfaxcounty.gov> wrote:

Pricey 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 completely satisfied to proceed to analysis information which may be responsive, however want to affirm your want for us to proceed the hassle.

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 completely satisfied new 12 months.

Edward Siedle

_______________________________________

January 6, 2023

Mr. Siedle,

A report aware of your request (VFOIA-70391) is connected. Please be suggested that parts of this report are redacted pursuant to Code of Virginia sections 2.2-3705.7(12) and a couple of.2-3705.1(13) – as marked on the connected report. The second web page of the report, containing one paragraph regarding a mixture of a personal entity’s portfolio firms 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.