Timothy Sumer

Retirement fund giant, CALPERS, voted in early November to use borrowed money and alternative assets to meet its investment-return target, even after lowering that target just a few months ago. Today’s guests discuss what this means for retirees depending on their pension for their financial future.  New York Times reported, “The move by the $495 billion California Public Employees’ Retirement System reflects the dimming prospects for safe publicly traded investments by households and institutions alike and sets a tone for increased risk-taking by pension funds around the country.” Ted Siedle, the co-author of "Who Stole My Pension" says, “These state and local pensions are refusing to give participants in the fund and taxpayers a prospectus on the fund. The money is all secret.”  John MacGregor, Author of the book "The Top 10 Reasons the Rich Go Broke" and a Certified Financial Planner says, “With this shortfall, we’ve got 10,000 people hitting retirem...