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.
February 21, 2013 |
Dailey Mayo received some stunning news in the mail last week: an 85% rate increase for the long-term-care insurance he has had for 15 years from the California Public Employees' Retirement System. The retired sales manager in Pasadena said his monthly premium of nearly $400 would jump to $738, or about $8,850 annually, under this plan. "I'm 82 now and I might need this care soon," he said. "It really ticks me off that they are doing this. " More than 110,000 CalPERS policyholders are receiving similar news after the pension fund's board approved the changes late last year.
January 23, 2012 |
The nation's largest public pension fund, the California Public Employees' Retirement System, posted a low, single-digit return on its $229.5-billion investment portfolio in 2011, Chief Investment Officer Joseph Dear told his board. The giant fund, which provides retirement and other benefits for 1.6 million state and local government employees, saw its portfolio grow by just 1.1% in the calendar year that ended Dec. 31, Dear said at a board meeting in Monterey. During the 2011 calendar year, CalPERS lost 7.95% in public equity investments and earned approximately 12.37% on its private equity investments (through the third quarter)