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December 18, 2019



I missed this related piece in the Journal, but the California Policy Center caught it:

This week, The Wall Street Journal reported that the National Education Association (NEA) has been recommending retirement products for its members that include high fees and kickbacks to the union. “Teacher David Hamblen said a recommendation by the National Education Association was a key reason he put 403(b) savings in an annuity before his 2010 retirement from the El Dorado Union High School District in Placerville, Calif,” reports The Journal. However, his fees reached 2.99 percent per year, far higher than competing products. Turns out: “NEA-affiliated state unions that referred members to Security Benefit [Corp.] products received $129,263 for the year, according to an SEC filing.” So the union was exploiting its members to benefit its own bottom line. Sound familiar? The kicker: “For its own employees, the NEA hired low-cost Vanguard to oversee a 401(k), resulting in investment fees a fraction of what many NEA union members pay.”


Whoopsy. Keeping you informed here at the Voice:

Calpers Search for CIO Comes Up Empty

The $445 billion public pension has been without a permanent CIO since last August when Ben Meng departed

The search for a new chief investment officer for the nation’s largest public pension system has struck out.

The California Public Employees’ Retirement System, or Calpers, has suspended its search for a CIO to replace Ben Meng, who departed last summer amid questions about his personal investments.

The article in the WSJ notes that Calpers needs to "recalibrate the job description, particularly regarding how much it pays." And they note the new CIO has to handle "a dynamic and public work environment". Yep, for sure!


Any mention of whether Yu Meng is going to be prosecuted since "we have a country governed by the rule of law"?


Is it possible for the contributors of this article to share why they feel so strongly about this subject?
One paragraph each. Thank you.
I think a few of us have no idea what is being presented.


Do you what Calpers is?
Do you know about their financial situation?
Have you heard of the CCP?
Do you know about fiduciary duty and unethical associations to generate personal wealth (graft and corruption) within government and the investment world?

I believes Joe's comments are about the situation that Calpers finds itself in to find a new Chief Investment Officer.
My comment was a cynical response to Joanne's pleasant and sincere comment in the jury duty topic about seeing fellow citizens participating in jury duty as a sign that the country still has a legal system.

Does that help?

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