| 000 | 02270nab a2200289 c 4500 | ||
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| 999 |
_c143205 _d143205 |
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| 003 | ES-MaIEF | ||
| 005 | 20201118130458.0 | ||
| 007 | ta | ||
| 008 | 201118t2020 us ||||| |||| 00| 0|eng d | ||
| 040 |
_aES-MaIEF _bspa _cES-MaIEF |
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| 100 | 1 |
_957579 _aGelfand, Matthew |
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| 245 | 2 |
_aA note on Public Pension Plan Funding _bthe CalPERS leveraging strategy _c Matthew D. Gelfand |
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| 260 | _c2020 | ||
| 500 | _aDisponible también en formato electrónico. | ||
| 500 | _aResumen. | ||
| 520 | _aIn June 2020, the California Public Employees’ Retirement System publicized a plan to invest in more illiquid and perhaps riskier assets while increasing the leverage or borrowings of its investment portfolio. The goal of this strategy is to generate greater returns and more diversification for the plan and to contain risk in hopes of more reliably meeting its 7 percent per year return target. This article reviews the plan’s underfunded financial position in comparison to other large public pension plans. The article also focuses on the possible merits of leveraging large public pension plan assets, how doing so could succeed and, as important, how leveraging could fail. Failure would affect employees, employers such as California state and local government agencies and public schools, as well as California taxpayers. All of these interested parties might have to share in increasing contributions to the pension plan to make up for potential large losses and to keep the plan closer to full funding relative to liabilities. Even now, to bring this and one other large, public California pension plan, “CalSTERS,” to full funding could require incremental contributions comparable to more than 13 percent of the state’s annual budget. | ||
| 650 | 4 |
_944649 _aFUNCIONARIOS |
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| 650 | 4 |
_948007 _aPERSONAL |
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| 650 | 4 |
_97296 _aADMINISTRACION PUBLICA |
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| 650 | 4 |
_948022 _aPLANES DE PENSIONES |
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| 650 | 4 |
_944403 _aFONDOS DE PENSIONES |
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| 650 | 4 |
_943197 _aIMPUESTOS |
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| 650 | 4 |
_aESTADOS UNIDOS _931101 |
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| 773 | 0 |
_9163812 _oOP 235/2020/1 _tJournal of Taxation of Investments _w(IEF)51921 _x 0747-9115 _gv. 38, n. 1, Fall 2020, p. 63-74 |
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| 856 | _uhttps://www.civicresearchinstitute.com/online/PDF/JTI-3801-05-Gelfand-CalPERS.pdf | ||
| 942 | _cART | ||