Long-Term Care Rate Increases - Failure to Disclose Material Info.
To Long-Term Care Policyholders,
I want to apologize to the many CalPERS Long-Term Care policyholders who have called and written to me about the serious issues with the Long-Term Care program.
I understand that many policyholders do not know about the Long-Term Care Class Action Settlement and/or do not understand how their choice on the rate increases may impact their settlement if they are part of the Class Action.
I have asked our CEO to remedy the situation immediately.
I did not support the rate increases and will ask again for the Board to VOTE and stop the rate increases until after the LTC Class Action Settlement is finalized sometime next year.
More importantly, there needs to be a thorough independent audit of the LTC operations management and the investments. I will again be asking for the Board's support in approving these audits.
As a Board member, my job is to provide Oversight, Accountability and Transparency for our members, not HIDE the mistakes from the past.
Yours in Oversight,
Margaret E. Brown
Member, CalPERS Board of Administration