Sep
19
A Sour Surprise for Public Pensions: Two Sets of Books
By
Lincoln Anderson collecting sticky cards that trap California red scale, a citrus pest.CreditJaime Kowal for The New York Times
When one of the tiniest pension funds imaginable — for Citrus Pest Control District No. 2, serving just six people in California — decided last year to convert itself to a 401(k) plan, it seemed like a no-brainer.
After all, the little fund held far more money than it needed, according to its official numbers from California’s renowned public pension system,Calpers.
Except it really didn’t.
In fact, it was significantly underfunded. Suddenly Calpers began demanding a payment of more than half a million dollars…
A Sour Surprise for Public Pensions: Two Sets of Books
