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Inquiry launched into Omaha school district pension fund

OMAHA, Neb. (AP) – Documents show the U.S. Department of Justice has launched a preliminary inquiry into the Omaha Public Schools pension fund.

The Omaha World-Herald reports that the Omaha School Employees’ Retirement System gave notice of the inquiry to staff in a memorandum last month. The memo says staff and trustees must maintain all records, emails and texts regarding their role.

The inquiry comes after the newspaper’s January investigation found that mismanagement and bad investment decisions at the retirement system caused a more than $770 million shortfall. The school district has had to make budget cuts to compensate.

Donald Erikson is president of the system’s trustees. He says in the memo that trustees plan to cooperate with the inquiry and “don’t believe that it will lead to anything to be concerned about.”

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