CALIFORNIA | LOCAL
May 31, 2012 |
Two former administrators in the city of Vernon who received lavish compensation will have their retirement benefits slashed in what state pension officials described as the largest public pension reduction in state history. Bruce Malkenhorst, who had the biggest public pension in California, $545,000 a year, will see his yearly benefit drop to about $115,000. His successor, Eric T. Fresch, will have his pension stripped completely. Fresch, who made as much as $1.6 million in 2008, has yet to formally retire but one expert estimated his pension's value at about $300,000 a year.
October 23, 2009 |
The California Public Employees' Retirement System is reviewing its relationship with private equity firm Apollo Management in the wake of steep losses on investments placed with the New York asset manager. The review began in May and is focused on reducing administrative and management fees, said Pat Macht, a spokeswoman for the Sacramento agency known as CalPERS, which manages $200 billion in retirement assets -- the country's largest pension fund -- on behalf of current and former state and municipal employees.
March 18, 2013 |
The federal fraud indictments of two former CalPERS officials , announced today in San Francisco, represent the dropping of shoes from a very tall height -- at least that's one explanation of why the case has taken so long. The charges against former CalPERS Chief Executive Fred Buenrostro and former CalPERS board member Alfred Villalobos stem from wrongdoing that may date back as far as 2002. A report CalPERS commissioned from the law firm of Steptoe & Johnson was made public in 2011.
March 18, 2011 |
Whether we're talking about corporate affairs or home ec, it's a fundamental fact that housecleaning doesn't work unless it's thorough. Leave the smallest task undone, and the rats and bugs come swarming back. So the question to ask about the financial scandal at CalPERS is this: Has the place been sufficiently scrubbed clean? The affair is centered on placement agents, the middlemen hired by Wall Street firms and other money managers to snag investment capital from institutional investors.
January 13, 2014 |
SACRAMENTO -- The California Public Employee's Retirement System, the nation's biggest government pension, reported a 16.2% return on its investments for 2013. It was the best calendar year performance in 11 years for the $281-billion CalPERS, which provides benefits to about 1.7 million state and local government workers, retirees and their dependents. "A 16.2% rate of return is really good," said Marcia Fritz, a Sacramento pension reform activist. "They are in it for the long haul.
March 14, 2012 |
Bowing to the realities of a volatile stock market and a weak investment climate, the board of the nation's largest public pension fund lowered its benchmark assumed rate of return. The board of the California Public Employees' Retirement System voted 9-1 Wednesday to reduce its expected average annual return from 7.75% to 7.5%. That was a quarter of a percentage point higher than what had been recommended by its chief actuary, Alan Milligan. The board also agreed to reduce its assumed average annual inflation rate from 3% to 2.75%.