As we have noted before, the Committee of Two deal is based on the premise the UCRP should be the same as CalPERS. That is an element of the root of the idea that the same PEPRA cap should apply to both. CalPERS, over the years, has been seen as out of control. Part of this image has been due to various scandals there that have no counterparts at UCRP.
Below is the latest reminder: