By Steve Malanga, includes “Many pension funds are directed by boards dominated by beneficiaries, with little representation for the taxpayer who is ultimately responsible for paying off pension bills when a system is mismanaged. … But except in rare instances the people really at risk in public sector pensions are the taxpayers. There is no notion, as far as I’ve been able to determine, that public pension board trustees like those at Calpers bear a fiduciary responsibility to the taxpayers, too, though taxpayers often bear the greatest burden of their bad decisions. …”
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