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4/14/2015 <br />State Auditor General Audits <br />the FMPA <br />• Operational audit by the State Auditor General reveals many issues <br />including: <br />• Hundreds of millions in losses from unusual hedging and interest rate swap <br />practices. <br />• Questionable executive and employment perks. <br />• "FMPA has the sole discretion in determining the actual severance amount and <br />the substantial cash payment due on withdrawal, in effect, represents a <br />compelling case against the decision for members to withdraw." <br />• Joint Legislative Audit Committee (JLAC) 3/30/15 <br />• Legislators furious that FMPA top bureaucrats did not show up to answer <br />questions from the public's elected representatives. <br />• Some legislators discussed a znd follow up audit. <br />• Some discussed unwinding or dissolving the FMPA. <br />• Some talked about having reasonable exit costs. <br />• Florida TaxWatch Recommends: <br />• Exit costs should be reasonable and predicable. <br />• Exit cost should not be the sole discretion of the FMPA to interpret and apply. <br />