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> CalPERS CalPERS the fund that famously didn't put a dime in for basically a decade? The one everyone was sure was going to bankrupt California until they luc
by tick_tock_tick 3y ago
> CalPERS
CalPERS the fund that famously didn't put a dime in for basically a decade? The one everyone was sure was going to bankrupt California until they lucked out and the stock market saved them?
- lotsofpulp 3y agoCalPERS was prudent in planning that the federal government would, as usual, backstop asset price growth even if it meant near 0% interest rates reducing purchasing power of the USD. Aka, taxing future generations to pay for the underfunding. And even after all that currency devaluation, CalPERS is still only 80% funded, by their own calculations. At least previous California legislators were generous enough to not bake cost of living increases for DB pensions into their state constitution like Illinois.