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News Brief: Report Says GERS Not Doing Well


Dec 9, 2004 – The Government Employees Retirement System has not had good news in a long time.
Now comes a report, according to the Daily News, that says the system has many shortcomings in its organization.
According to the article, Star Consulting Services, a national company that has an office in St. Thomas, "launched the $37,000 operational analysis of the system in June and used interviews and documents obtained from GERS staff, senior managers and the board of trustees to draw its conclusions."
But the possibility that GERS is not running well has been indicated before.
The Senate Finance Committee was told in July by the system's officers in an overview that the system is guaranteed to collapse within perhaps 10 years if economic reform measures are not instituted. (See "GERS Officials: Unfunded Liability Nearing $1 Billion").
But those troubles have been overshadowed in recent weeks by the firing of Laurence E. Bryan, GERS administrator. (See "GERS Board Fires Bryan; Employees Protest").
After the firing, employees walked off the job in protest and a Senate investigation has been called.
Bryan, according to the Daily News, called the recent report a smoke screen to divert blame and described its methodology as being haphazard.
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