Nation's Largest Public Pension Fund Plagued by Secrecy and Underperformance, Probe Finds The nation's largest public pension fund, California Public Employees' Retirement System (CalPERS), has been shrouded in secrecy and controversy for years.
An independent investigation into the $630 billion fund has uncovered a host of disturbing practices that imperil the 2. 4 million members who rely on it.
The report reveals CalPERS' woeful performance over the past five and ten year periods, placing it firmly in the bottom 15% of all 230 U. S. public pension funds.