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As the nation fell deep into the Great Recession in 2008, Omaha’s Warren Buffett urged calm, assuring Americans that blue-chip companies’ plunging stocks were sure to eventually ride high again. But the trustees and administrator overseeing the Omaha Public Schools’ pension fund didn’t listen to the hometown investment sage.

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There are plenty of other states and school districts trying to stabilize pension systems so that budgets can be balanced and employees can be guaranteed the benefits they were promised. Solutions have included increased contributions from current workers, cuts to current benefits through reduced cost-of-living adjustments and increased contributions from taxpayers.

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There is much blame to go around for the debacle that transformed one of the nation’s best performing pension funds into one of the worst, including the trustees and chief administrator of the Omaha School Employees' Retirement System, their paid investment adviser, district leadership and the unions whose members count on the pension system for their retirement security. 

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These 10 members served as trustees for the Omaha School Employees' Retirement System during key years when investments were shifted from the …

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The people serving on the OSERS board during a year when the trustees voted to stick with an adviser under new ownership and the fund got take…

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