Where is the money; is it protected?
The Board of Trustees selects investment managers responsible for investing plan assets. The ERS’ custodian bank holds these investments for separately managed accounts. Various custodian banks hold the assets for the commingled accounts. The ERS staff accounts for all the assets and payments of the ERS. An independent accounting firm audits the ERS every year. The ERS has received the highest possible evaluation for its accounting and internal controls.