The California Public Employees’ Retirement System for state employees lost 71% of its $468 million investment in a clean energy and technology private equity fund, state records show, but CalPERS won’t explain how. But don’t worry, retirees; California taxpayers will pick up the tab.
CalPERS says its pension benefits are only 79% funded, leaving the state, and its taxpayers, on the hook for the other 21%. According to a recent report from Reason Foundation, CalPERS’ pension shortfall is approximately $180 billion.
The 71% loss comes to over $330 million……for which private equity firms were paid at least $22 million in fees and costs.
Had the money put into the [CalPERS Clean Energy & Technology Fund] been passively invested in an S&P 500 index fund, with dividends reinvested, the fund would have been worth approximately $3 billion.
KY HEAD DOES IT AGAIN!!!
