California Pension Tsunami – Biggest Plans Lost Almost $100 Billion in ‘09

posted by Nima

July 22, 2009 · Posted in Government 

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Comments

2 Responses to “California Pension Tsunami – Biggest Plans Lost Almost $100 Billion in ‘09”

  1. Richard D. Greenfield on July 25th, 2010 5:43 pm

    The California state employees pension fund, CalPERS, has been plagued by “pay-to-play” scandals and other reasons for incredibly imprudent investment practices. Throughout the country, the pension funds’ shortfall in assets to pay benefits may well be caused by some of the same practices that have caused extremely high losses to CalPERS and the pension funds of other states and localities. We are presently investigating these practices in several California localities as well as by CalPERS and CalSTRS.

    While overly generous compensation packages with arguably generous pension benefits may well have contributed to the problems of pension funds, particularly in states such as California, where the state’s current contribution is about $4 billion, it is important to note that not only are all taxpayers going to have to foot the bill, the employees themselves will have to reach into their own pockets to add to the governmental contributions in order to fund their pension benefits.

    In our clients’ pending class action in New Mexico, we have sought a recovery from the Trustees who have mis-managed pensioners’ money as well as those persons and entities who have been engaged in “pay-to-play” as a means of obtaining New Mexico’s investment business. A copy of the Complaint may be obtained free of charge by e-mailing me at the address below.

    Richard D. Greenfield Attorney-at-Law 250 Hudson Street 8th Floor New York, NY 10013 whitehatrdg@earthlink.net

  2. Richard D. Greenfield on July 25th, 2010 5:49 pm

    [Continuation] California localities as well as by CalPERS and CalSTRS.

    While overly generous compensation packages with arguably generous pension benefits may well have contributed to the problems of pension funds, particularly in states such as California, where the state’s current contribution is about $4 billion, it is important to note that not only are all taxpayers going to have to foot the bill, the employees themselves will have to reach into their own pockets to add to the governmental contributions in order to fund their pension benefits.

    In our clients’ pending class action in New Mexico, we have sought a recovery from the Trustees who have mis-managed pensioners’ money as well as those persons and entities who have been engaged in “pay-to-play” as a means of obtaining New Mexico’s investment business. A copy of the Complaint may be obtained free of charge by e-mailing me at the address below.

    Richard D. Greenfield Attorney-at-Law 250 Hudson Street 8th Floor New York, NY 10013 whitehatrdg@earthlink.net

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