California Public Employees Retirement System
Federal officials on Monday charged the former head of the nation’s largest pension fund and one of his business associates with falsifying documents and other charges in a long-running influence peddling and bribery investigation.
Board members of the nation’s largest public pension fund on Tuesday rejected a proposal to reduce its forecast of future investment returns, avoiding the politically sensitive move of demanding more money from state or local governments this year.
Money managers have paid more than $180 million to middlemen as a way to gain investment business from the nation’s largest public pension fund, and at least some of those costs likely ended up being paid by the fund itself through inflated fees.
The nation’s largest public pension fund could make a small accounting change that would carry a large price tag for taxpayers when board members meet this week.
Former Bell administrators won’t cash in on the massive pensions they’d hoped to collect, but will keep some of their generous retirement benefit.