California’s state pension system corrects its estimate of investment returns — but it’s probably still wrong.
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CalPERS Deflates Its Expectations
Tag Archives: State Pension Funds
Illinois Goes Back To The Drawing Board
On public pension reform, Illinois’ high court’s policy is “just say no.” They are going to need a Plan B.
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Unsophisticated Investors Come In All Sizes
Surprise! CalPERS discovers that hedge funds are expensive, and they don’t magically make money.
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California Enters The Era Of Broken Promises
Trend-setting California is among the first to enter the Era of Broken Promises.
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The Inevitable Breaking Of Impossible Promises
Public pensions are based on promises impossible to keep at the costs reported to taxpayers. Many such promises will be broken.
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Pension Self-Deception Is A New York State Of Mind
New York borrows from its pension to pay its pension bills. “Amortization” is another word for self-deception.
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The $1 Trillion Empty Promise
Employees of state and local governments across America labor for (usually) fairly modest salaries, but they have the security of …
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The ‘Illinois Is Not Puerto Rico’ Fallacy
Why is Illinois like Puerto Rico? Both have made promises they can’t, and therefore won’t, ultimately keep.
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