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The vendor helps CalPERS identify member deaths and make sure that correct payments go to retirees and their beneficiaries.. The personal information of about 769,000 retired CalPERS members was exposed in a third-party data breach that was reported earlier this month. CalSTRS also said it was impacted by the breach and KCRA 3 is trying to learn how many of its members were impacted. CalPERS, the California Public Employees' Retirement System, is the nation's largest public pension fund. It serves more than 2 million members in its retirement system and more than 1.5 million in its health program. CalSTRS, the...

You may have heard the term “ESG” popping up in the news lately. Environmental, social, and governance (ESG) disclosures provide important metrics to understand how a company’s practices could impact future financial performance. CalPERS uses an ESG framework to assess potential risks to our investments. For example, under the “social” framework, there is tremendous value in an investor’s ability to verify a company’s data security, as breaches can cause litigation, loss of customer loyalty, and other impacts to profitability. This kind of information is critical to fulfilling the CalPERS mission of achieving a high rate of return to provide retirement...

King Gavin is bragging about a $100 billion surplus. Yet he is silent about the $1.5 TRILLION unfunded liability of CalPERS—and no telling how big the STRS—teachers pension fund—liability is.

California's state pension invested hundreds of millions of dollars in Chinese state-owned enterprises linked to the People's Liberation Army, according to records reviewed by the Washington Free Beacon. The California Public Employees' Retirement System (CalPERS) had more than $3 billion invested in Chinese companies, including 14 state-controlled enterprises blacklisted by the Trump administration, as of June 2020. Many of these companies are funding the Belt and Road Initiative, a massive infrastructure project Beijing is using to expand its geopolitical and military influence. Gov. Gavin Newsom (D., Calif.), who recently praised a Chinese-owned media company for its "journalistic integrity," has not...

In March 2020, just weeks before California Gov. Gavin Newsom was “negotiating” a $1 billion mask deal with a Chinese company, National Security Adviser Robert O’Brien announced that the Trump administration was “looking at” investments in blacklisted Chinese military companies by the state’s public employees retirement system, known as CalPERS. There were also questions about the relationship between CalPERS’ Chief Investment Officer, Chinese-born U.S. citizen Yu Meng, and the Chinese Communist Party. CalPERS executives vigorously defended Meng, even posting a long defense of their investments in China on their website, but Meng suddenly stepped down Wednesday, effective immediately. In a...

The market crash and the economic fallout from the coronavirus have led to nearly $1 trillion in investment losses for U.S. public pension funds, Moody's Investors Service said. The credit rating agency said the funds are generally facing an average investment loss of about 21% in the fiscal year that ends June 30, based on a March 20 snapshot of market indexes. The severity of the spreading COVID-19, the disease caused by the virus, and government-ordered shutdowns in various U.S. states have weighed heavily on Wall Street, with the Dow Jones Industrial Average erasing over three years of gains in...

The pot of invested money used to pay for hundreds of thousands of California public employee pensions has shrunk by $69 billion as coronavirus has squeezed global markets. The California Public Employees’ Retirement System’s fund balance stood about $335 billion Thursday, down from a record high of $404 billion one month ago, according to CalPERS officials. The California State Teachers’ Retirement System likely experienced similar losses, but the system doesn’t publicly report its value as often as CalPERS does. Its value stood about $243 billion at the end of February. Read more here: https://www.sacbee.com/news/politics-government/the-state-worker/article241391841.html?#storylink=cpy

American investors are bankrolling China’s plan to drive the U.S. military from the Indo-Pacific region and risking their own retirement funds in the process. “Why are we sending American capital to a country and supporting a defense industry that's popping out a couple destroyers and frigates a month and threatening to have total overmatch against us in the Pacific?” White House national security adviser Robert O’Brien said "I don't see why we should be underwriting the Chinese defense industry.” O’Brien singled out the California Public Employees' Retirement System, the largest retirement fund in the country, for a special warning that...

Rep. Jim Banks (R-Ind.) on Thursday said that he has written a letter to California Gov. Gavin Newsom (D) to voice concerns over the state's public pension fund chief and his connections with China. The Indiana congressman is calling out the California Public Employees' Retirement System (CalPERS), the largest state pension fund in the U.S., for allegedly investing in numerous select blacklisted Chinese companies that manufacture military products. The California-based fund invested $3.1 billion into 172 different Chinese companies, Banks said in an appearance on Fox Business Network. He said that some of the companies invested in have been blacklisted...

Citing concerns about possible pension liability, Larkspur officials this week took the first step toward severing the city’s membership in the Central Marin Sanitation Agency, a wastewater organization it helped form in the late 1970s. The Larkspur City Council agreed Wednesday to give up the city’s seat on Central Marin’s six-member board of directors, which governs the infrastructure that treats sewage collected from Larkspur and other nearby areas. The council will vote on formal resolutions declaring the city’s severance at future meetings. But Larkspur’s voice won’t be completely flushed down the drain when the withdrawal is finalized, one of the...

https://www.kron4.com/news/california/ceo-of-california-s-350b-pension-fund-has-no-degree/1444506328 KRON4 News - CEO of California's $350B pension fund has no degree Updated: Sep 14, 2018 11:07 AM PDT SACRAMENTO, Calif. (AP) - The chief executive of California's $350 billion pension fund does not have a college degree and the revelation has startled some retirees. Marcie Frost leads the California Public Employee Retirement System, the nation's largest retirement system. The Sacramento Bee reports that Frost did not claim to have a college degree when she was hired to lead CalPERS in 2016, but Frost is under fire now after a blogger alleged Frost implied in her application and in a...

During the next five weeks, the CalPERS board, custodian of $326 billion in assets needed to fulfill retirement promises for 1.8 million California public employees and beneficiaries, will make decisions affecting government budgets for decades to come. The problem is, despite their fiduciary duty under the state Constitution to “protect the competency of the assets” under their absolute control, CalPERS is roughly $153 billion short of fully funding the retirement promises earned to date. How did CalPERS dig this huge hole? During the last decade, they manipulated actuarial assumptions and methods to keep employer and employee contribution rates low in...

California pension worries most often focus on CalPERS and CalSTRS, the state’s two multi-employer behemoths. But the state has many other underfunded plans, and these city and county systems pose significant challenges for governments that contribute to them. The City of Los Angeles faces the largest municipal pension funding gap, measured in absolute dollar terms. According to the city’s 2016 Comprehensive Annual Financial Report, Los Angeles’ Net Pension Liability totaled $8.2 billion. Curiously, this number does not appear on the city’s government-wide balance sheet (called a Statement of Net Position). Instead, the $8.2 billion is reported as part of LA’s...

Ten workers and retirees from government agencies in two far corners of California likely will see their pensions slashed because their employers have not paid bills to the state’s largest retirement fund in more than a year. Trinity County Waterworks District No. 1 west of Redding and Niland Sanitary District from Imperial County are in line to become the third and fourth government agencies to break with CalPERS over the past 12 months in a manner that shortchanges their retirees. The CalPERS Board of Administration is scheduled next week to vote on ending contracts with the two small districts because...

Guv Brown is going to “loan” $6 billion from a previously unknown slush fund to keep CalPERS doors open. That is after he GIVES then $500 million, so they can keep sending out checks. This is an economic disaster for the people of California—and another reason to leave for a Free State beofre your family finances are destroyed. ... employees don’t share in the cost of Unfunded Liabilities. 100% of that cost falls on citizens, whose services get crowded out and taxes get raised to pay off the liabilities. Jerry Brown proposes to borrow from a citizen-funded restricted fund to...

Public schools around California are bracing for a crisis driven by skyrocketing worker pension costs that are expected to force districts to divert billions of dollars from classrooms into retirement accounts, education officials said. The depth of the funding gap became clear to district leaders when they returned from the holiday break: What they contribute to the California Public Employees’ Retirement System, known as CalPERS, will likely double within six years, according to state estimates. CalPERS, a public pension fund with $300 billion in assets that is the country’s largest, manages retirement benefits for 1.8 million current and former city,...

Despite tax collection increasing by 50 percent in the last 9 years, California’s public pension insolvency is forcing Gov. Jerry Brown to propose a dangerously unpopular 42 percent increase in gasoline taxes and a 141 percent increase in vehicle registration fees. Breitbart News reported on January 9 that Gov. Brown announced that for the first time since 2012, California’s $122.8 billion General Fund Budget is in deficit by $1.6 billion. Despite a near bankruptcy during the financial crisis, California’s tax revenues have increased by about $43 billion in the last 9 years. Brown on Monday only suggested relatively painless spending...

For the first time in its 85-year history, the California Public Employees Retirement System, CalPERS, is drastically cutting benefits for public retirees. Starting January 1st, four retired City of Loyalton public employees will have their pensions cut 60 percent. For 71-year-old Patsy Jardin, that means her pension will drop from about $49,000 a year to a little more than $19,000.

The pension crisis in California is the worst in the country, and it will continue to get worse as Jerry Brown and the environmentalists strap this state with regulations that choke businesses to death -- see: ✦ California Regression - Eco Craziness - https://youtu.be/MuKO0pjCes8 ✦ Cow-Farts in London - Jerry Brown - https://youtu.be/nl6Vcvogcyg

Earlier today the Kersten Institute for Governance and Public Policy highlighted an updated pension study, released by the Stanford Institute for Economic Policy Research, which revealed some fairly startling realities about California's public pension underfunding levels. After averaging $77,700 per household in 2014, the amount of public pension underfunding for the state of California jumped to a staggering $92,748 per household in 2015. But don't worry, we're sure pension managers can grow their way out of the problem...hedge fund returns have been stellar recently, right? Stanford University’s pension tracker database pegs the market value of California’s total pension debt at...