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Tag Archives: CalPERS

CalPERS Devises “Heads I Win, Tails You Lose” Gamble for Long-Term Care Policyholders in Settlement

Yves here. We’ve written from time to time about the CalPERS long-term care insurance trainwreck. This post by policyholder and financial analyst Lawrence Grossman brings readers up to date. It describes how a proposed settlement of a class-action lawsuit over allegedly verboten increases puts policyholders in the ugly position of having to gamble when CalPERS has a vastly better grasp of the relevant odds than they do. By way of background, the entire long-term care insurance industry made...

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CalPERS’ Long-Term Care Fiasco: Private Burial to Hide Malfeasance, Failure to Implement Legislation

Yves here. Please welcome Lawrence Grossman, who has provided a second post on the CalPERS long-term care policy train wreck. Grossman, a financial analyst, describes the extreme underfunding of this zombie program in his earlier piece: CalPERS’ Long-Term Care Program Bleeds Policyholders Dry via 10X Higher Premiums, Gross Mismanagement, Bad Faith Dealing. The rate increases that CalPERS is putting through, a 900% increase over the rates charged at the outset, are wildly disproportionate to...

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CalPERS Election Dirty Tricks: Hit Piece Depicts Board Member Margaret Brown as Safety Harrasser

Your humble blogger has gotten many agitated e-mails from CalPERS beneficiaries who’ve never before written to me about a hit piece targeting the pro-transparency, pro-accountability board candidates, Margaret Brown and Tiffany Emon-Moran, who are running in the election now underway. These voters are upset about the false content, the misrepresentation of its sponsors, and the fact that a third party somehow got their names and addresses.1 It is bizarre that SEIU, which is behind the...

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Prominent CalPERS Retiree Group Warns California Secretary of State About Illegal, Hacking-Friendly Voting Methods

Due to voting for CalPERS’ board elections just having stared, it’s a busier period than usual, so please forgive the flurry of coverage. One development is that the voting methods themselves, which we have regularly criticized, have come back into focus due to a protest of sorts by the prominent CalPERS retiree group, Retired Public Employees Association (“RPEA”). RPEA sent a letter to the California Secretary of State, Dr. Shirley Weber, which we have embedded at the end of this post. I...

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EXPOSED: CalPERS’ Brainwashed Board in Denial that CIO Meng Caused His Own Downfall with Information He Himself Provided

The wicked flee when no man pursueth: but the righteous are bold as a lion.Proverbs 28.1 Yesterday, we published a partly-redacted version of a CalPERS board “closed session” transcript that its attorney Durie Tangri had mistakenly made public.1 This meeting took place shortly after we exposed that Chief Investment Officer Ben Meng had approved a $1 billion commitment to a Blackstone fund when he also held  Blackstone shares, which was a violation of California’s conflict of interest laws....

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EXPOSED: Transcript of CalPERS Closed Session on Ben Meng Departure Shows Clear and Extensive Violations of Transparency Laws, Builds Case for Contempt Ruling by Judge Markman (Presiding)

As readers may recall, last March, former board member JJ Jelincic sued CalPERS over alleged failures to disclose information as required under California’s version of FOIA, its Public Records Act. Jelincic was pursuing two issues. One was CalPERS had discussed the abrupt and embarrassing resignation of Chief Investment Officer Ben Meng in a board “closed session” when there was no legal basis for conducting this meeting in secret. The second was failing to produce records related to nearly...

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CalPERS Officially a Laughingstock Around the World: London Newsletter Sniggers Over Failed Chief Investment Officer Search Even While Omitting or Getting Worst Facts Wrong

Remember the CalPERS “private equity new business model” fiasco, where the giant fund lurched from scheme to scheme, with ever-changing rationalizations, only to have the entire effort fall into a heap? And recall that this huge waste of PR, management time, and credibility came about because CalPERS actually did recognize it had a problem, yet refused to do the right thing? In this case, the problem was that CalPERS was unlikely to produce better than index-like returns from investing in...

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CalPERS Comes Dead Last of 34 Public Pension Returns Despite Having Biggest, Best Paid Investment Office

Despite having the most heavily staffed and luxuriously paid investment office of any public pension fund, CalPERS scored the worst investment returns of any of 34 funds tracked by Pensions & Investments. As you can see at the Pensions & Investments site, CalPERS return for fiscal year 2020-2021 was 21.3%. The next lowest was tiny Kern County, more than two and a half points higher, at 23.9%. CalPERS’ Sacramento sister CalSTRS delivered 27.8%. The stars were Texas County, at...

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“RLB Can Suck a Dick”: CalPERS Board VP Theresa Taylor Debases CalPERS, Sneers at Workers and Little People in Unhinged, Factually False Attack on SEIU California President

CalPERS’ misplaced sense of entitlement has sunk to a new low. By telling the head of California’s biggest union to “suck a dick,” in an unprovoked, unhinged, factually false rant, CalPERS board Vice President and Investment Committee chair Theresa Taylor has shown she lacks the professionalism and emotional stability to manage a lemonade stand, let alone act as a steward of over $400 billion in retiree assets. On top of that, as we will show via texts that she agreed to have made public,...

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California Senate Shoots Down CalPERS’ Private Debt Secrecy Bill; Board Hissy Fit Reveals It Never Questioned Staff Misrepresentations

Is CalPERS’ influence in Sacramento finally slipping? While one robin does not make a spring, CalPERS’ arrogant and dishonest treatment of beneficiaries, the public, and as a result, California legislators, backfired in the form of a defeat on a private debt secrecy bill that CalPERS had touted as crucial to meeting its return targets. Yesterday, the California Senate Judiciary Committee shot down a CalPERS-only bill, AB 386, on a vote of 3 in favor, 4 opposed, and 4 abstentions. That level...

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