It also raises a question for Landi as well as Parenti’s two successors: Why did it take CalPERS so long to figure it out and take action? “They were lining their pockets for years,” said Landi, who joined the department in 2015 after retiring from the San Francisco Police Department. “It’s corruption at its finest.”
CalPERS is a retirement system like no other in the U.S. It covers state employees but also the workers at some 3,000 municipalities, school districts, authorities and other governmental entities. More than 650,000 retirees and another 1 million or so current employees are covered by CalPERS.
A FAILURE TO COMMUNICATE
Broadmoor was under scrutiny by CalPERS for failing to enroll some officers in the pension fund at the time, but not for the chief’s double dipping. That suggests to former insiders such as J.J. Jelinic that the CalPERS division that monitors employee enrollment issues has little coordination with another unit assigned to examine double-dipping and other violations of state retirement law. “The right hand doesn’t know know what the left is doing,” said Jelinic, a former CalPERS investment staffer and board member...
Full story at: https://www.sacbee.com/article257232847.html.
You could ask what relevance this CalPERS scandal has to UC, which is not part of CalPERS and which has its own separate pension system. The problem is that CalPERS - which has a propensity for bad management and scandals - tends to tar public pension systems, including UC's, more generally. Recent adverse moves in the stock market suggest that all pension plans will be showing poor results unless the market quickly recovers. Issues of pension finance and unfunded liabilities will come to the fore again. UC tends to be caught up in the political problems of CalPERS (and CalSTRS), even though it is totally separate and doesn't have a history of scandals and bad management. That's the relevance.
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