Charnel Benner, who formerly administered Greenwich's $300 million pension fund, mysteriously leaves her job

You Wont Read This In The Greenwich Time .....

Former Greenwich Retirement Program Administrator
Takes Sudden Leave

Full story: Marin Independent Journal

Charnel Benner, administrator of the Marin County Employees' Retirement Association, went on paid administrative leave Thursday and it was unclear when, or if, she would return.

"That remains to be worked out," said Jim Phillips, chairman of the Marin association's board.

Phillips declined to say whether Benner or the association board initiated the administrative leave. Benner, who lives in San Rafael, could not be reached for comment.

"I think 'mutual' is the best term because it was worked out between us," Phillips said. "It was in the interests of both parties.".....

......Benner oversees the county pension fund's $1.2 billion stock and investment portfolio. She is paid an annual salary of $226,928.

During her tenure in Marin, Benner has been criticized for receiving a high salary and spending freely on a new headquarters while delivering less than stellar results. In June, a Marin civil grand jury reported complaints of "excessive delays in computing and delivering retirement benefits."

"There was a growing backlog in calculating benefits. There were also complaints about discourteous treatment by staff," the report said. The association board stepped up its oversight of Benner after it discovered she had allied herself with an investment broker.

The rate at which Benner's salary has grown - she was paid an annual salary of $155,000 when she was hired - became an issue in 2007 when the association board gave her a three-year, 30 percent raise, making her one of the 10 highest-paid county employees.

Her pay drew scrutiny again in 2008, when the association board granted her a $10,000 bonus.....

.....After the association spent $17.5 million to buy the building at 1 McInnis Parkway near the Marin Civic Center for its headquarters, Benner coordinated the building's remodeling at a cost of about $1.3 million. Amenities included a shower, a kitchen and a reception area enclosed by bullet-proof glass.

In February, after a four-hour closed session of the pension board, Benner announced she was ending her affiliation with an investment broker, Worldvest, a subsidiary of Trump Securities.

The closed session, which followed a closed meeting the previous week, was billed as "possible discipline of a public employee." No discipline was announced.

Benner said at the time that while the relationship created the appearance of a conflict of interest, she received no compensation for her affiliation with Worldvest.

When Benner reported to supervisors this summer that the market value of the Marin County Employees Retirement Association's investment portfolio dropped 17 percent during the fiscal year ending June 30, 2009.....

Read All 30 Comments At Topix

==================================
Please send your comments, news tips and press releases to GreenwichRoundup@gmail.com