For Immediate Release July 12, 2016 California Policy Center Contact: Will Swaim Will@CalPolicyCenter.org (714) 573-2231 Stock market overvaluation will lead to ‘major correction,’ trigger benefits cuts and tax hikes SACRAMENTO, Calif. – There are more red flags for public-sector pension funds that rely on stock investments for most of their income, a new California Policy Center...

As the Fresno Bee recently reported, the city of Fresno’s pension systems are in much better financial shape than the Fresno County Employees’ Retirement Association (FCERA). As of June 30, 2015, the city’s two systems reported a combined $349 million of assets (at market value) in excess of actuarially accrued liabilities. By contrast, FCERA’s assets...

For Immediate Release April 29, 2016 California Policy Center Contact: Will Swaim Will@CalPolicyCenter.org (714) 573-2231   Retroactive pension bump likely violated multiple state transparency and accounting laws Sacramento — County supervisors members and other senior county officials in Marin and Sonoma may have violated state law when voting for massive retroactive pension increases for themselves and...

The California Public Employees’ Retirement System (CalPERS) spent nearly $50M on their investment advisors in 2014, despite producing a dismal 2.4% investment return – 67% lower than what the market returned over the same time, as measured by the S&P 500. CalPERS’ 275 investment officers and portfolio managers cost taxpayers $49.27 million, with chief investment...