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TIL: The CEO of CALpers, a $300 billion pension fund, doesn't have a degree

"One has to assume that the motivation for allowing a p...
unholy spectacular cruise ship
  05/22/18
As of 2018, the agency has $360 billion in assets, and is un...
unholy spectacular cruise ship
  05/22/18
CFO of CalPERS was an underqualified black who lied on his r...
slap-happy henna station
  05/22/18
Holy shit. I'm an actuary and I have no illusions about the ...
Vengeful claret mother background story
  05/22/18
cr. holy shit. wow.
Mint spot
  05/22/18
Some day I am going to be asked to help cover the long antic...
laughsome private investor
  05/22/18


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Date: May 22nd, 2018 3:03 PM
Author: unholy spectacular cruise ship

"One has to assume that the motivation for allowing a person who would be deemed to be grossly unqualified under current rules to be hired in the Chief Actuary is that the new CEO,

Marcie Frost, has someone specific she’d like to bring in.

The fact that Frost herself does not have a college degree and certainly does not have the mathematical chops to evaluate an actuary’s professional competence certainly looks like she is giving personal loyalty far too much weight in a role where analytical rigor and professionalism are of paramount importance."

https://www.nakedcapitalism.com/2016/10/calpers-plans-to-violate-california-constitution-pave-way-for-hiring-someone-without-a-college-degree-for-critically-important-job-of-chief-actuary.html

Although to be fair, she is pursuing one from Evergreen State

"Frost is a native Washingtonian and is pursuing dual bachelors and master’s degree in public administration from Evergreen State College."

http://www.unz.com/isteve/calpers-cfo-dumped-for-being-dodgy/

(http://www.autoadmit.com/thread.php?thread_id=3983820&forum_id=2#36105946)



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Date: May 22nd, 2018 3:06 PM
Author: unholy spectacular cruise ship

As of 2018, the agency has $360 billion in assets, and is underfunded by an estimated $150 billion, with current assets below 70% of necessary to provide for liabilities.[9][10] In an effort to reduce this shortfall, at the end of 2016 the board lowered their expected annual rate of return on investments from 7.5% to 7.0%, increasing the costs California cities must pay toward their workers' pensions.[11]



(http://www.autoadmit.com/thread.php?thread_id=3983820&forum_id=2#36105960)



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Date: May 22nd, 2018 3:16 PM
Author: slap-happy henna station

CFO of CalPERS was an underqualified black who lied on his resume.

The place is a joke, but they aren't the real problem. The promised pension benefits are crazy and need to be cut.

(http://www.autoadmit.com/thread.php?thread_id=3983820&forum_id=2#36106011)



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Date: May 22nd, 2018 3:27 PM
Author: Vengeful claret mother background story

Holy shit. I'm an actuary and I have no illusions about the importance of my personal role (I'm a lowly cog in BIGINSURANCE), the relevance of the exams I took to get credentialed, etc.

But this is insane. Chief actuary of a $350 billion byzantine financial system is the single most important role in the system. I don't think this broad has taken a single exam.

(http://www.autoadmit.com/thread.php?thread_id=3983820&forum_id=2#36106078)



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Date: May 22nd, 2018 3:32 PM
Author: Mint spot

cr.

holy shit. wow.

(http://www.autoadmit.com/thread.php?thread_id=3983820&forum_id=2#36106108)



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Date: May 22nd, 2018 3:32 PM
Author: laughsome private investor

Some day I am going to be asked to help cover the long anticipated shortfall in this plan, though I've never lived in California. On that day, I will take up arms against my would be robber.

(http://www.autoadmit.com/thread.php?thread_id=3983820&forum_id=2#36106105)