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CalPERS, CalSTRS try to apply vague Newsom order to investment decisions

California agencies are trying to figure out the implications of a vague executive order issued by Gov. Gavin Newsom in September that orders many policy decisions to be made with the need to “mitigate climate change” kept in mind. A

State treasurer seeks probe of CalPERS CEO

Chris Reed October 1, 2018

A rowdy, muckraking financial blog that has repeatedly raised later-corroborated concerns about how the California Public Employees’ Retirement System operates has gotten traction with one of its new allegations. The Naked Capitalism blog’s report that CalPERS CEO Marcie Frost had

Is state Legislature hampering CalPERS, CalSTRS?

Chris Reed July 30, 2018

The California Public Employees Retirement System and the California State Teachers Retirement System recently announced that they had exceeded their investment goals by at least 1 percentage point in fiscal 2017-18, with CalPERS citing annual gains of 8.6 percent and

CalPERS, CalSTRS likely to face new pressure to divest from fossil-fuel companies

Chris Reed January 1, 2018

New York Gov. Andrew Cuomo’s call for his state’s biggest government pension fund to stop new investments in fossil-fuel companies and phase out existing investments is likely to lead to renewed calls for the Golden State’s two massive pension funds –

CalPERS critic makes runoff for CalPERS board

Chris Reed October 10, 2017

The underfunded California Public Employees’ Retirement System faces daunting challenges in coming years, with local governments increasingly vocal about not being able to afford the ever-growing cost of their CalPERS-managed pension programs, as CalWatchdog reported July 20. The nation’s largest

CalPERS’ divestment goals in crosshairs as coal stocks soar

Steven Greenhut August 9, 2017

SACRAMENTO – A newly released report from the California Public Employees’ Retirement System confirms that, fulfilling the Legislature’s directive to divest from coal-related investments, the pension fund has now largely exited from coal stocks. But as news reports this week

Local governments in no mood for CalPERS’ happy talk

Chris Reed July 20, 2017

Last week’s announcement by the California Public Employees’ Retirement System that it had strong 11.2 percent returns on its investment portfolio in 2016-2017 after terrible returns the two preceding years prompted ebullience from the pension giant’s supporters. Sacramento Democratic insider

Only CalPERS internal watchdog on way out

Chris Reed June 12, 2017

The giant California Public Employees’ Retirement System – with $320 billion-plus in assets, the nation’s largest pension system – is going to lose its only outspoken internal watchdog. J.J. Jelincic – an eight-year incumbent on the CalPERS board who is on leave from

CalPERS pressed to divest from energy firms, banks

Chris Reed February 24, 2017

After years of criticism, the California Public Employees’ Retirement System made headlines in December when its board voted to lower the expected rate of return on investments from 7.5 percent to 7 percent over the next three years. The move

Bad news for U.S. is good news for CalPERS, CalSTRS

Chris Reed December 27, 2016

The California Public Employees’ Retirement System has not had a good 2016. Its investment returns were microscopic, it faced sharp criticism from a prominent financial website for alleged unethical behavior and Gov. Jerry Brown had to intervene to prevent the nation’s largest