Tag: CALPERs
The economic turmoil in the early months of the pandemic – a plunging stock market and soaring unemployment – posed a real threat to state and local government pension funds and the workers who rely on them. One group was particularly vulnerable: public-sector workers who aren’t covered by Social Security and lack the backstop of…
The New York Times recent article “A Sour Surprise for Public Pensions: Two Sets of Books” told the tale of the tiny six-employee Citrus Pest Control No.2 pension fund that thought it was overfunded but instead received a large bill when CalPERS calculated its termination liability. The article has already been criticized as “remarkably fact…
