'From time to time, the CalPERS board seems determined to have us think of it as a group of kindergarteners playing in grown-up clothes.' Column by hiltzikm:
From time to time, the CalPERS board seems determined to have us think of it as a group of kindergarteners playing in grown-up clothes., whose chief offense appeared to be challenging the complacency of other trustees about what they were being told about the giant pension fund’s investment strategies.
Jones’ power to discipline Brown is evidently plenary. It doesn’t require the consent of or even consultation with anyone else on the 13-member board of administration, and isn’t appealable. If you think his “private discipline” sounds like thelevied by Dean Wormer on the refractory brothers of the Delta frat in the movie “Animal House,” you won’t get an argument here.
Jones’ disciplinary order barred Brown from receiving reimbursement for travel on CalPERS business through the end of this month, except for attending board and committee meetings. That meant she was to be denied reimbursement for meetings with the public or her constituents, or professional conferences on issues important to the fund, such as healthcare financing conferences.Jones also warned he would “take [her] conduct into account in 2020 when I am considering committee appointments.
The investment portfolio of CalPERS, which is the largest public pension fund in the nation, has beenAs of Dec. 31, the fund’s public equity investments, which account for about half the portfolio of some $400 billion, lagged their benchmark indices in the five-year, three-year, one-year and fiscal-year-to-date time frames.
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