Calpers could <a href=www.kryolan.in/cp/scripts/details.html>cheap nfl jerseys</a> have put aside money in the late 1990s, when they were fully funded against liabilities, but instead it backed raising benefits.Stacking the board with political representatives of beneficiaries only makes things worse, argued Keith Richman, a former Republican state lawmaker and critic of the state's public pension funds. Politicians are encouraged to make promises and are gone by the time promises come due,In Calpers the conflict of interest is built into the state Constitution. It says the majority of board members need to be recipients, he said.Wharton's Mitchell said studies showed that political boards tended to be more aggressive investors.WHO'S THE BOSSCalpers' mission statement is to do well by pensioners, but if the payer of last resort is the state, perhaps the mission should be to avoid catastrophe for taxpayers, would-be reformers say,Calpers' responsibility, broadly speaking, is to the taxpayers, said Steven Frates, senior fellow at the Rose Institute of State and Local Government
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