Athletic Investments - Part 2

Yesterday, we noted that a mysterious item at a closed-door Regents meeting likely had something to do with a proposed investment of UC pension and endowment funds into some kind of entity linked to UCLA's change in athletic conference.

The Regents have a duty of prudence when it comes to investment of funds. Pension funds are ultimately to be invested for the benefit of pension system participants. Investments that have some other purpose raise questions. In particular, investments aimed at bolstering the athletic program raise questions.

Recently, a group of retirees - suspicious of certain CalPERS policies - hired an independent investigator to audit activities in that retirement system.*

Unless what the Regents are planning to do with the funds to which they are entrusted is made clear, there could be similar pressures within the UC retirement system.

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*https://www.sacbee.com/news/politics-government/the-state-worker/article312576983.html.