The nation's largest public-pension fund, Calpers, revealed that a former board member made more than $50 million in fees arranging for investments that could leave state taxpayers with hundeds of millions in losses.
"The disclosure deepens concerns that alleged conflicts of interest are undermining state retirement funds.
The California Public Employees' Retirement System said it is launching a "special review" into payments by money managers -- including billionaire Leon Black's Apollo Management LP -- to firms including Arvco Financial Ventures LLC. Arvco is headed by Al Villalobos, who served on Calpers's board from 1993 to 1995."
Read the Wall Street Journal article.
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Barkley L. Hendricks
About Me
- EB360
- Chicago, Illinois
- This course will survey provisions of ERISA and the Internal Revenue Code concerning the qualification of employee pension and profit sharing plans. By providing an overview of the framework of rules governing such plans, students will learn the basic tax, legal, business and other issues that specifically affect retirement plans and participants’ rights under such plans.
Biographies for Prof. Gabe Minc and Fellow Audrey Kucia
Blog Archive
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2009
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October
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- Defined Benefit 401(k) Plans--Coming Soon
- Benefits Link's New Retirement Plan Newsletter
- IRS announces pension plan limitations for 2010
- Making your nest egg last through your retirement
- Fee Blindness Can be Expensive for Plan Participants
- More articles on the weaknesses of the 401(k) model
- Calpers Fee Scandal
- Options Grants in Corporate Acquisitions Yield Big...
- Fiduciaries defeat ERISA stock claims
- Demanding that Uncle Sam Stay Away from Executive ...
- The end of the 401(k)?
- Freelancers' Union 401(k)
- Retirement Planning Advice for Laymen
- Higher Costs of Dependant Health Coverage
- State Run Health Plans
- Health Bills Curbed Insurance Executive Pay
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October
(16)
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