Why Investment Realities Will Compel Pension Reform

“For the first time in the pension fund’s history, we paid out more in retirement benefits than we took in contributions.” –  Anne Stausboll, Chief Executive Officer, CalPERS, 2014-2015 Comprehensive Annual Financial Report There are few examples of a seemingly innocuous statement with more significance than Stausboll’s admission, buried within her “CEO’s Letter of Transmittal,” summarizing […]

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