October 22, 2021

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CalPERS Declares Wall Street Journal Wrong

Earlier this month, The Wall Street Journal published an opinion piece challenging a recent study by the California Public Employees’ Retirement System:

The California Public Employees’ Retirement System has a well-deserved rap as a taxpayer drain.  So to rehabilitate its image, the pension fund has produced a “study” purporting that public-worker pensions are California’s biggest jobs generator.

California Math Test – The state pension fund has some unbelievable facts” (Review & Outlook, April 11, 2014).  Within days, CalPERS responded by posting this piece declaring the WSJ “wrong about public pensions.”

The fact that CalPERS quickly picked up the gauntlet should come as no surprise.  The pension fund closely monitors its public image.  The agenda for its Board of Administration meetings includes a strategic communications report that tracks media mentions and rates them as positive, negative or neutral.  In March, CalPERS counted 213 mentions with 13% positive, 76% neutral and 11% negative.

CalPERS is not shy about challenging its critics.  For example, CalPERS in declaringanother critic wrong warned that it should “choose words wisely” and “We don’t take it lightly when people call us liars.” That post ended with:

Unfortunately, much of this could have been avoided through a rational conversation instead of the self-important rhetoric which is typical of some in the blogosphere.

The CalPERS Board of Administration also receives reports on the status of Public Records Act requests.

© 2010-2021 Allen Matkins Leck Gamble Mallory & Natsis LLP National Law Review, Volume IV, Number 118
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About this Author

Keith Paul Bishop, Corporate Transactions Lawyer, finance securities attorney, Allen Matkins Law Firm
Partner

Keith Bishop works with privately held and publicly traded companies on federal and state corporate and securities transactions, compliance, and governance matters. He is highly-regarded for his in-depth knowledge of the distinctive corporate and regulatory requirements faced by corporations in the state of California.

While many law firms have a great deal of expertise in federal or Delaware corporate law, Keith’s specific focus on California corporate and securities law is uncommon. A former California state regulator of securities and financial institutions, Keith has decades of...

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