And yet again:
A shift away from stocks and private equity just before the presidential election has caused CalPERS to miss out on about $900 million in revenue since September.Thanks to CalPERS' bad performance and dishonest projections, Encinitas has an unfunded pension liability of $154 million by Stanford's analysis.
CalPERS Chief Investment Officer Ted Eliopoulos disclosed the number at a Board of Administration meeting on Monday in a presentation describing how a temporary shift in assets has played out.
The fund moved some of its investments away from stocks and private equity last fall, anticipating a period of market volatility. It has missed some of the broad market gains that have unfolded in recent months.
The average Encinitas government worker retires much earlier than private sector employees and gets $98,000 per year for life.