Heads They Win, Tails Taxpayers Lose: Calpers Doubles Down On Risky Investments
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Regular readers will recall that I frequently promote the Wisconsin Retirement Systemas a model in which its shared-risk structure, along with sound governance in general, keeps the plan fully funded, year after year. If assets tumble, retirees’ cost-of-living adjustments are reduced, or, as needed, the benefits themselves are reduced. In addition, as needed, both employer and employee…