Dear members and retirees,
This week the administrator of the City of North Miami retirement plans was arrested on three felony charges involving grand theft, fraud, and use of personal information of deceased retirees. Be assured this arrest and criminal activity will have no impact on the payment of retirement benefits, which will continue without interruption.
The following steps have already been taken:
· The alleged criminal activity has been identified and contained;
· The former pension administrator’s contract was promptly terminated and his access to the pension office and computers was blocked; and
· The Assistant Pension Administrator has been selected as the Interim Pension Administrator
The City’s retirement systems hold hundreds of millions of dollars of retirement assets which are secure and the plans remain well funded. There is no allegation or evidence that the alleged theft involved the underlying investment portfolio of the retirement systems.
Statement of the Board of Trustees of the City of North Miami Clair T. Singerman Employees’ Pension Fund
On November 1, 2022, Miguel Codorniu, long time administrator of the pension fund for employees of the City of North Miami, was arrested by the North Miami Police Department, charged with theft of pension fund assets and related offenses. Mr. Codorniu was immediately terminated from his employment. The arraignment is scheduled for December 1, 2022, in the criminal division of the Miami-Dade Circuit Court.
The Board has made a formal demand for return of allegedly fraudulently paid benefits and has not received a reply. The Board recently filed a damages action against Mr. Codorniu in the civil division of the Miami-Dade County Circuit Court.
The trustees have resolved to vigorously pursue the return of fund assets and continue to investigate the scope of alleged theft. The Board will have no further comment until after the arraignment.