An audit of the Chesterfield school system’s supplemental retirement plan concluded that fiduciary oversight was “minimal” over the past 20 years as its unfunded liability swelled to as much as $99 million.
Greg Akers, director of the county’s Internal Audit department, presented a report on the SRP audit to the Audit and Finance committee Monday afternoon.
Without mentioning anyone by name, Akers acknowledged there were “many opportunities for oversight” that went ignored by both school and county officials between 1997 and 2017.
The schools SRP had never been audited before last year, when the Board of Supervisors directed Akers to look into the employee benefit plan and identify…
