Public Records Stonewalling About Cryptocurrency In Fairfax County Virginia Pensions

Getting the reality about cryptocurrency playing at public pensions isn’t any easy process.

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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 Programs Govt Director Jeff Weiler, who has publicly said that cryptocurrency is “no completely 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—won’t be collaborating within the digital assembly or sharing his opinions. Registration is supposedly open to everyone. Most annoying, the general public will probably 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 presupposed to be probably the most transparency on this planet. In spite of everything, trillions of public {dollars} are held in these largely unregulated funding funds and each state has established freedom of data act legal guidelines designed to make sure public accountability. Sadly, as I talk about in my bestselling e book, Who Stole My Pension? public pensions have turn into very adept at circumventing state public data 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 forestall public pensions from assembly and even exceeding the minimal necessities of their state’s public data 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 compelled to take action by litigation.

Whereas we will rail eternally concerning the lack of transparency at public pensions, a real-life instance maybe greatest illustrates the issue. Beneath is a verbatim file of my unsuccessful efforts since early December to acquire data from Fairfax County relating to the crypto-holdings of its three pensions. As you’ll be able to see, initially I used to be instructed the pension had no obligation to reply to inquiries from non-Virginia residents or media representatives except the publication might present circulation in Virginia. After I instructed the county consultant, “If in case you have one thing referred to as the web in Virginia, then I’m positive Forbes.com has circulation in your state,” the county agreed to start to course of my request. To this point, 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 by funds managed by exterior fund managers, in any of the next classes because it pertains to digital belongings:

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 (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 Programs. Retirement has obtained your request for data in the present day, 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 data 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 deal with. 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 in the present day that even when I had 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 Road 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 in the present day that the Uniform pension has completely not one of the digital belongings I’ve listed beneath, immediately or not directly, in its portfolio. You indicated you’ve gotten really 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 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 companies from the Fairfax County FOIA company.

Step 1 is to finish the requisite that we observe 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 cheap prices to not exceed its precise value incurred in accessing, duplicating, supplying, trying to find requested data, or creating 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’ll 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 at the moment. Must you 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 data, not requests for info or for solutions to questions.” VFOIA Advisory Council Op. AO-06-05 (Could 31, 2005). To that finish, if this had been a request cognizable beneath VFOIA, as a result of it’s a request for info somewhat than one searching for public data, no response is required.

As all the time, please be happy to succeed in again out to me for extra help. Within the meantime, some public data for the Fairfax County Uniformed Retirement System could also be discovered on our web site right here: Monetary Publications | Retirement Programs (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

Nicely, Jennifer, this 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 funds managed by exterior fund managers, in any of the next classes because it pertains to digital belongings:

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 beneath. Additionally, please verify that with respect to the Workers pension fund, direct and oblique investments in cryptocurrency and associated firms prior to now exceeded 10% of the portfolio, inclusive of dedicated capital and that such investments within the Police pension exceeded 13% prior to now—previous to any markdowns of crypto belongings. Lastly, please verify that such investments within the Uniform plan quantity to not less than $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 belongings, 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 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 which 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 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 telephone dialog was to not your satisfaction? If that’s the case, I’m glad to reopen the request and do a seek for data we might have that could be conscious of your request.

Please do not forget that VFOIA “applies to requests for public data, 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 data for any Retirement Programs not initially referenced beneath VFOIA-70391.

As soon as I’ve a request for public data from you, I’ll present a value and an effort estimate in 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 palms are tied in that we enter into confidentiality agreements with our managers beneath provisions throughout the Virginia FOIA statutes to guard portfolio investments.

I’d level you to our web site and our Annual Monetary Reviews that are the general public paperwork of file.

Financial Publications | Retirement Systems (fairfaxcounty.gov)

Moreover, you’re free to strategy managers together with your inquiries immediately.

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 data request with you, as you’ve gotten instructed me to do, versus a request for info or for solutions to questions (as to which you’ve gotten suggested me you haven’t any obligation to reply— whilst a courtesy to main media). To this point, I’ve been supplied with no public data. None. I’ve certainly spoken with Mr. Morales and requested, most not too long ago, that you simply or he verify the data he offered to me over the phone, together with the chances of crypto belongings held within the Police, Common Workers and Uniform pensions, previous to any markdowns. If you happen to’re not going to offer me with the data 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 obtained a request for data 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 firms prior to now exceeded 10% of the portfolio, inclusive of dedicated capital and that such investments within the Police pension exceeded 13% prior to now—previous to any markdowns of crypto belongings.”

This was not a request for public data and was added to an present, open request. As a courtesy to you, we’ll open a brand new request with the identical, requested particulars for the Workers’ and Police Retirement Programs.

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 duplicate 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’ll reply to VFOIA-70391.

Because of the vacation season and my lack of ability to regulate 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 potential by the following 5 enterprise days to get you a response. I’ll hold you knowledgeable as to the work being achieved 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 prefer to advise you that the FOIA request for the Uniformed Retirement System occurs to be for only one funding. Workers and Police probably have 4-6 investments and can take incrementally extra time. Extra on the extra Retirement Programs 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 result of staffing shortages by the vacation season, Fairfax County requires an extra seven working days to reply to VFOIA-70391. Va. Code Ann. § 2.2-3704(B)(4). The County will make any responsive data recognized out there to you 7 working days after in the present day, the primary 5 enterprise days after your up to date request was obtained, 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 Programs data. Presently, for a similar purpose said above, I want to inform you that VFOIA-71027 may also require an extra 7 working days.

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

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:

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 glad to proceed to analysis data which may be responsive, however wish to verify your need 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 glad new 12 months.

Edward Siedle

_______________________________________

From: Snyder, Jennifer <Jennifer.Snyder@fairfaxcounty.gov>

To: edward siedle

Despatched: Thu, Dec 29, 2022 5:03 pm

Topic: VFOIA-71027 Digital Belongings Fairfax County Workers’ and Police Retirement Programs

Mr. Siedle,

Thanks for submitting your Virginia Freedom of Data Act (VFOIA) request to Fairfax County Retirement Programs, a duplicate of which is included beneath. On your reference, we’ve got assigned it reference quantity VFOIA-71027.

Fairfax County might assess cheap prices to not exceed its precise value incurred in accessing, duplicating, supplying, trying to find requested data, or creating a value estimate. The Fairfax County Workers’ and Police Retirement methods presently have 10 investments (per system, 20 complete), every having offered data conscious of your request.

I want to advise you that these data are topic to contracts with personal corporations who’ve acknowledged their understanding of Virginia’s FOIA legal guidelines and exemption processes and have both submitted their required exemption supplies, or function beneath the process whereby they’ve agreed to be told of the request. The funding firms are allowed to overview the request, then provide exemption particulars as the necessity arises. Below all circumstances, every of the 20 investments’ contractual circumstances and responses have to be reviewed by me, because of the diverse complexity of the data implicated beneath the request, and the need of getting a extra senior worker overview a portion of the data.

I estimate every overview to take 1 hour, for a complete of 10 hours (assuming when 2 methods spend money on the identical fund all language is materially the identical). At $57/hour, the full estimated value to reply to your request is $570.Pursuant to Va. Code Ann. § 2.2-3704(H), the County requires cost previous to processing your VFOIA request as a result of the estimated prices will exceed $200. If you happen to want to proceed together with your VFOIA request, please ship a examine to Fairfax County Retirement methods, C/O Jennifer Snyder within the quantity of $570, to the deal with in my signature block beneath, made payable to the “County of Fairfax”. To the extent that the precise prices might enhance, you may be required to pay any further prices, and if the precise prices are lower than estimated, the County will refund you the distinction.

I stand able to service your request upon your settlement. Within the meantime, a number of the info you’ve gotten requested is out there on-line right here:

We respect your curiosity within the County’s Retirement Programs and if or when there’s any extra we will do, please be happy to succeed in out to me, referencing the FOIA monitoring quantity above.

Thanks.

______________________________________

From: edward siedle

Despatched: Saturday, December 31, 2022 12:31 PM

To: Snyder, Jennifer <Jennifer.Snyder@fairfaxcounty.gov>

Topic: Re: VFOIA-71027 Digital Belongings Fairfax County Workers’ and Police Retirement Programs

Ms. Snyder,

Since you’ve gotten said you’ve gotten the discretion to waive any charges, I counsel you accomplish that given the apparent advantages to contributors ensuing from professional evaluation and insights.

Thanks.

Edward Siedle

______________________________________________

Mr. Siedle,

Thanks in your request for a charge waiver for VFOIA-71027. As I discussed in my prior e-mail, the anticipated value to look, overview, redact, and give you responsive data could be not less than $570. The County is just not keen to waive the anticipated precise allowable prices referring to this FOIA request. According to Fairfax County’s Countywide FOIA Policy, charge waivers ought to be thought-about when the fee is anticipated to be lower than $50.

As you understand, I’ve offered you with a charge waiver for one more FOIA, which is in progress (VFOIA-70391). The precise allowable prices of that FOIA are properly in extra of $100. We are going to reply to this FOIA as quickly as we will and we very a lot respect your persistence.

Jennifer Snyder

__________________________________________

January 6, 2023

Mr. Siedle,

A file conscious of your request (VFOIA-70391) is connected. 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 connected file. The second web page of the file, containing one paragraph regarding a mixture of a non-public 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 data requests for details about administration (or mismanagement) of investments. Right here’s hoping you’ll have higher luck than I’ve ever had.

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