CalPERS Secrecy and Underperformance Spur Call for Independent Oversight
TL;DR
An independent probe into CalPERS, the nation’s largest public pension, finds secrecy, chronic underperformance, and opaque costs, with five- and ten-year returns in the bottom 15% and about 9% of assets in aging private-equity funds, prompting calls for an Inspector General and independent oversight. CalPERS counters that performance has improved and fees have fallen, but critics say transparency remains lacking.
- Nation’s largest public pension fund plagued by secrecy and underperformance, probe finds NBC News
- Opinion | The CalPERS gamble: Why the push to invest in private equity alarms public employees CalMatters
- Public pension boards are sacrificing pensioners for politics The Hill
- How California’s 2 Biggest Pension Funds Became a Battleground for Trump Politics and More edhat
- California lawmakers should not politicize public pension investments Reason Foundation
Want the full story? Read the original reporting
Read on NBC News