The Truth Is, Actual Investment Returns Pay The Bills

Pensioners First – Arizona Public Safety Personnel Retirement System’s Chief Investment Officer Ryan Parham recently posted a press release touting the PSPRS pension’s superior “risk adjusted” investment returns.

Let’s not forget that CIO Parham is the chief investment officer for the worst performing public pension system in the State of Arizona.

His press release is a puff piece designed to provide political cover in advance of the coming legislative session where PSPRS’ investment returns, mismanagement, and political shenanigans are going to be scrutinized by Governor Doug Ducey, a new legislature, and all the cities in the State of Arizona that have to pay for PSPRS’ underfunded public safety pensions.

Only investment nerds care about “risk adjusted” returns.  The rest of us care about “actual” returns.  Actual returns, plain and simply put, are your ACTUAL INVESTMENT RETURNS!

No one gives a damn about a risk adjusted paycheck.  You can only spend your ACTUAL paycheck.  Hey public safety retirees, try spending those investment returns or cost of living adjustments you DON’T ACTUALLY HAVE!

See how that goes over at Wal-Mart.

Chief Investment Officer Parham’s press release was published by the Arizona Capital Times, the same mouthpiece that Board of Trustees Chairman/ Deputy Fire Chief Brian Tobin uses to tell the intelligentsia that nothing is wrong at PSPRS.

Once again, the truth about PSPRS can certainly be found, but it won’t be found in anything that PSPRS’ leadership and management publishes.

The following link is about a treatise written by a Princeton University professor that most accurately analyzes Chief Investment Officer Parham’s press release:

Princeton Professor Processes Parham’s Pontification

More on CIO Ryan Parham’s press release as written by





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