Statement by Phillip C. Parrish, Candidate for Governor of Minnesota 2026
Minnesotans, the trust you place in your government to secure your future is sacred. Yet, the Walz administration and the State Board of Investment (SBI), chaired by Governor Tim Walz and including Attorney General Keith Ellison, Secretary of State Steve Simon, and State Auditor Julie Blaha, have betrayed that trust. The Teachers Retirement Association (TRA), managing the pensions of our dedicated educators, is in crisis—underfunded, overpaying Wall Street, and shrouded in secrecy. As your next Governor, I will end this mismanagement, restore transparency, and fight for every teacher, retiree, and taxpayer. It’s time to stand up and demand accountability.
Forensic investigator Edward Siedle’s 2024 report, Minnesota Mirage: Sleight of Hand, exposed the SBI’s failures. The TRA is only 80% funded, with a shortfall threatening teachers’ retirements. Worse, the SBI hid millions in fees paid to private equity firms, reporting $80 million in 2024 alone—a 400% increase after Siedle’s probe forced partial disclosure. These funds, siphoned to Wall Street, could have strengthened pensions or eased taxpayer burdens. The SBI’s investments, including $850 million committed to The Carlyle Group, underperform benchmarks, yet Governor Walz, who boasts of never owning a stock or bond, chairs this $146 billion portfolio. His inexperience, paired with potential conflicts—like a $50,000 donation from a Carlyle Group executive to the Democratic Governors Association in 2024—raises serious questions about whose interests are served.
Walz, Ellison, Simon, and Blaha have failed their fiduciary duty. Their board, entirely composed of elected officials, lacks independent oversight, creating a self-policing system ripe for conflicts. Minnesota’s teachers deserve better than politicians prioritizing campaign cash over pension security. This isn’t a partisan issue—it’s about fairness and keeping promises to those who educate our children.
As Governor, I will take decisive action:
1. Appoint an Independent Oversight Board: I will propose legislation to restructure the SBI, replacing political appointees with financial experts and citizen representatives, modeled on New York’s pension oversight system. This board will ensure transparency and prioritize retirees over Wall Street.
2. Audit and Recover Hidden Fees: I will direct the State Auditor to conduct a forensic audit of the SBI’s private equity investments, identifying all undisclosed fees paid over the past decade. Recovered funds will be redirected to strengthen the TRA and other public pensions.
3. Ban Conflicts of Interest: I will sign an executive order prohibiting SBI board members from accepting campaign contributions from firms managing state assets. Clear recusal policies will ensure decisions are made in Minnesotans’ best interests.
4. Engage the Public: Through my Freedom Talk with Phil platform, I will hold town halls to hear directly from teachers and retirees, ensuring their voices shape pension reforms. Transparency, protected by the Minnesota Constitution’s commitment to open government, will guide my administration.
5. Legislate Pension Security: I will work with the legislature to stabilize the TRA, exploring sustainable funding options that protect benefits without burdening taxpayers. This includes reducing reliance on risky private equity investments.
These actions are within the Governor’s authority, leveraging executive orders, legislative advocacy, and public engagement to reform a broken system. My First 100 Days Plan, outlined at parrish4mn.com, prioritizes servant leadership and accountability, ensuring every decision serves Minnesotans, not insiders.
To every teacher, retiree, and taxpayer: your future is at stake. Governor Walz and his SBI board—Ellison, Simon, and Blaha—have let you down, hiding fees, risking your pensions, and dodging scrutiny. This is your moment to act. Join me in demanding accountability. Contact your legislators, attend town halls, and support the Minnesota Education Association’s efforts to protect your retirement. Together, we can rebuild a pension system that honors your service and secures your future.
Stand with me in 2026 to restore trust, protect our teachers, and make Minnesota a beacon of fairness. Visit parrish4mn.com to join the fight.
Phillip C. Parrish
Candidate for Governor of Minnesota 2026
###