Heather Gillers
speaker
548 appearances
11 recordings
1 series
first heard Nov 2018
last heard Oct 2021
Heather Gillers’s voice in public audio — every appearance, attributed to the second.
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Appearances
So yes, the 7% often is not met.
And that causes the funds to drop level, to drop lower.
I found that the South Dakota retirement system, the Virginia retirement system, the retirement system that Pennsylvania runs for its public school employees are all invested in opportunistic real estate funds run by Blackstone.
Some other types of pensions like CalPERS are actually building buildings worldwide.
In an even more direct way, CalPERS may go forward with the tallest tower in Sacramento.
These are not sort of your mashed potatoes and gravy, bread and butter, meat and potatoes investments.
And oftentimes they have taken these jobs because of the benefits that come with them.
And there can be really dire consequences when pension funds sort of veer towards insolvency.
So maybe most extreme example is the Dallas Police and Fire Pension Fund.
which made all kinds of real estate.
That's prior to the crisis.
They bought homes.
They invested all over the world.
And those investments just lost an incredible amount of value.
And the pension fund sort of started hemorrhaging money.
And the police and firefighters said to themselves, that's our retirement.
That's our security.
And what they did is they began cashing out their money.
And so huge sums of money flowed out of this pension fund
And because part of the way the pension fund makes money is by earning income on its nest egg, this shrinking nest egg really jeopardized the fund.
Showing 521–540 of 548 · page 27 of 28
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