Posts tagged Pension Integrity Project

    Op-ed / Commentary ● Labor

    Commentary: CalPERS takes unnecessary risks that could cost taxpayers

    February 3, 2025 // When CalPERS fails to meet its expected investment returns, California’s state and local governments—meaning taxpayers—are solely responsible for covering the resulting shortfall. Public pension liabilities are legally binding. There is no defaulting on them. Consequently, when public pension system investments underperform, government employers—again, taxpayers—must cover the gap.

    California California Public Employee’s Retirement System CalPERS local governments Nevada Pension Integrity Project pension system private equity firm private loans Public Employees Public Employees’ Retirement System of Nevada real estate taxpayers unfunded liabilities venture capital firm

    News Article Research ● Labor Unions

    Federal bailout gives $635 million to carpenters union pension plan

    November 24, 2024 // The federal government is spending $635 million in taxpayer funds to bail out a multiemployer pension fund for a Detroit carpenters union. Pension experts warn that the bailout comes with little or no accountability and no indication that it won’t happen again. Julie Su, acting secretary of labor, announced the bailout in a video posted to her X account Oct. 18. Su credited the 2021 American Rescue Plan Act, which appropriated $86 billion for union pensions.

    American Rescue Plan Act Biden-Harris administration Carpenters’ union Detroit Carpenters Fund federal government James M. Hohman Julie Su Pension Benefit Guarantee Corporation Pension Integrity Project pension plan Rachel Greszler Reason Magazine taxpayers trade union