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…
Silly articles don’t help the process. 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…
