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IN THE NEWS
What's happening with your CalPERS pension, healthcare benefits, long term care & other criitcal issues
AB386 is a dangerous pending bill that would allow the California Public Employees Retirement System to make direct loans and shield their details from public scrutiny.
Assembly Bill 386 sailed through the Assembly Judiciary Committee last week on a unanimous vote with virtually no discussion about its provisions.
The measure also received express treatment a few days earlier from the Assembly committee that deals with public employee matters.
... it would allow the financially shaky California Public Employees Retirement System (CalPERS) to semi-secretly lend out untold billions of dollars by exempting details from the state’s Public Records Act.
Potentially it opens the door to insider dealing and corruption in an agency that’s already experienced too many scandals, including a huge one that sent CalPERS’ top administrator to prison for accepting bribes.