By Craig Harris | The Arizona Republic
The financially troubled pension fund for Arizona police officers and firefighters is seeking the state auditor general’s counsel after senior-level employees accused the trust’s management of inflating the value of key real-estate assets in fiscal 2012 annual reports.
Three employees have resigned in the wake of the conflict.
The question before the auditor general is whether it was “reasonable” for trust managers at the Public Safety Personnel Retirement System to report higher asset values supplied by Scottsdale-based Desert Troon Cos. instead of more conservative values supplied by independent appraiser Ernst & Young.
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