The board of the California Public Employees’ Retirement System is considering how municipalities and government agencies should absorb the mounting costs of retirees living longer.
A class action lawsuit filed Tuesday accuses CalPERS of intentionally misleading over 100,000 retirees over the past 18 years by selling them long-term insurance that turned out to be insufficiently funded and under duress for a decade.
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.
State Treasurer Bill Lockyer is calling for a review of state pension fund investments connected to a company that manufactures firearms – including a type of rifle used in the Connecticut school shootings.
The turmoil on Wall Street has hit the nation’s largest public pension fund, which has lost about $18 billion off the value of its stock portfolio since July 1.
Former Temple City Mayor Cathe Wilson will continue to receive pension checks even though she was convicted of perjury and bribery and was sentenced in June to four years in state prison.
The office that manages retirement benefits for California public employees is looking into the validity of pension plans for at least 10 police officers, including four chiefs, who retired from the city of Bell.
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.
An independent think tank says California’s pension fund is awash in red ink, and the burden for every worker in the state could rise to $10,000 a year by 2014.
As its investment portfolio was losing nearly a quarter of its value, the country’s largest public pension fund doled out six-figure bonuses and substantial raises to its top employees, an analysis by The Associated Press has found.