Monday, June 6, 2016

Worth Noting: CalPERS and the UC Pension Are Not the Same

The most recent UC pension "reforms," insisted on by the governor and the legislature, are ultimately based on the premise that CalPERS and the UC pension plan are somehow the same, and thus should follow the same rules.

But they are not the same. The premise is false. Today's news is but one example:

A former CalPERS chief executive officer, Fred Buenrostro, was sentenced to 4½ years in prison last week for taking bribes, including $200,000 in cash, from a former CalPERS board member, Alfred Villalobos, who collected about $50 million in fees from private equity firms for helping them get investments from the big pension fund.
Villalobos died from a pistol shot to the head at a Reno gun range in January last year, an apparent suicide on the day before a scheduled court appearance. His inside man at CalPERS, Buenrostro, pleaded guilty on the eve of his trial in July 2014 and has been cooperating since then with state and federal prosecutors...

Have you heard of any such scandals at the UC pension?  They don't occur.

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