Skip to comments.Calpers names firms not responding on placement agents
Posted on 02/21/2010 8:15:47 AM PST by TigerLikesRooster
Calpers names firms not responding on placement agents
Thu Feb 18, 1:15 am ET
OAKLAND, California (Reuters) Calpers, the biggest U.S. public pension fund, released late on Wednesday a list of 11 firms with which it has invested that did not reply to its request for information on their use of placement agents, who are at the center of a probe of New York's pension fund.
Calpers, the $200 billion California Public Employees' Retirement System, has been under fire since disclosing last year that a placement agent firm, led by one of its former board members, had made more than $58 million in fees for representing investment firms at the fund.
As a result, Calpers has been taking a harder line on placement agents or pension-fund middlemen. The fund has sought information on placement agents hired by its investment partners, along with fees paid for their services, and is supporting legislation to regulate the middlemen as lobbyists.
Under rules for lobbyists, activities of placement agents will come under heightened scrutiny.
(Excerpt) Read more at news.yahoo.com ...
I personally know of quite a few State of WI Retirees that didn’t get a COLA this year (well, no one did...) and have had their monthly checks reduced by hundreds of dollars. These people are not happy, and also have kids in college right now; they can’t afford to lose a dime, but lose it, they will!
“A new report warns that U.S. states currently face a total shortfall of at least $1 trillion in their funds for employees pensions and retirement benefits. And the problem is rapidly worsening. [Reuters]”
You don't retire when you have children in college
I have little sympathy for them
Did they retire then double dip at another job?
Plus these state workers will scream --- "But I paid for my retirement!"
My answer is -- "Sure you did. You paid in one dollar for every ten the state (taxpayers) paid in!" "Matter of fact the state should abrogate those fraudulent deals signed by Democrat party hacks your union is in bed with"
These ratios vary all over the country with thousands of counties, states and cities with their own schemes/scams for screwing the taxpayer
“Did they retire then double dip at another job?”
Of course, Silly! ;)
The only double dip they are qualified for is mucking out stalls and pig pens