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Meanwhile, California has at least $500 billion in unfunded mandates for pensions, benefits, etc., for government employees. This is according to a small university called "Stanford." Other economists put the total unfunded mandate amounts at more like $1 trillion dollars. So, CAPERS and government employees rape and pillage California, take home excessive salaries and benefits, and will all retire at 55 or so while the rest of us work to pay for it all. It's great work if you can get it.
Why can't you get it? Clearly you missed the point that paying the 7M in bonuses is saving over 100M in external manager fees. Probably while you'll remain poor your whole life.
CNN: Interesting that you leapfrog over a number of things and try to be smarter than you really are. First of all, the 100 M in external fees is probably too high and if you REALLY had been tracking PERS, you would realize that they have a HORRIBLE track record to conflicts of interest, bribes, and other issues associated with "incentives" in general. Secondly, PERS and the Legislature always OVERESTIMATES the returns they will make which always results in the public having to pay a lot more in taxes and allows government employees to evade their fair share of contributions, which makes them essentially inept of hopelessly corrupt. Thirdly, the BIGGEST ISSUE is the unfunded mandate of nearly $1 trillions dollars. I can tell that you are a government employee, probably a dedicated SEIU member, who sees only importance in your bloated pensions, early retirement, excessive benefit package, and lifelong medical benefits. In short, you are just like corrupt members of Congress who think the taxpayers are your piggybank to rob as you see fit. No one else would stand up for PERS other than one who benefits from their incompetence and corruption.
There will come a time in the not-too-distant future where this house of cards will collapse and PERS, liberals, and Democrats will be labelled as the corrupt fools that they are.
The public hasn't waken up to the unfunded liabilities in these schemes. Probably won't til it's too late. Or maybe it's already too late. The meter keeps spinning out of control.
Do you think they do an alpha analysis and compensate bonuses based on alpha? Or do you they just get paid because of a general increase AUM due to beta?
Relative outperformance versus their benchmarks.
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