Tuesday, February 27, 2018

CALpers Nearing Insolvency Says Former Board Member

Steve Westly, former California controller and Calpers board member, the manager of the largest public pension fund in the US, tweeted that Calpers is screwed. Forget the the rise in volatility, the real concern remains public pensions loaded with public debt and rising obligations. CalPERS voted to recoup future investment losses from 30 years to 20 years recently. While this change may seem like a meaningless accounting change, its requires the state and local government governments "to ramp up their mandatory contributions to the huge trust fund. State and local governments, already scrapping for cash, could be pushed into insolvency without even a headline whimper on the subject.

Headline: Twitter


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