Hedge Fund Activism Impacts and Options



Smythe, and Chris R. New NASDAQ Rule Casts Light on Payments to Directors. Listed in WHO'S WHO IN. Finalist, American Business Award. Qualified to serve on Audit Committee. AND MARKETING STRATEGY, BUILDING A COMPANY AND ITS VALUE, RAISING CAPITAL. Industry experiences include energy, professional services.




The California Public Employees' Retirement System CalPERS is an agency in the California executive branch that "manages pension and health benefits for more than 1. Unruh was a PERS Board member in the mids. He began PERS' emphasis Exploring Put and Call Options corporate governance ; in addition, he was instrumental in creating the Council of Institutional Investors, an organization of pension funds and other institutions that opposed " greenmail and other corporate practices that benefited only management".

He won the 2 ranking in the Public Investor for The 43 funds will come from the non-core real estate portfolio. Past CEOs have been: [8] Earl W. Chapman — ; Edward K. Coombs acting, ; William E. Payne — ; Carl J. Blechinger — ; Sidney C. McCausland — ; Kenneth G. Thomason acting or interim, ; Dale M. Hanson — ; [36] Richard H. Koppes interim, ; James E. Burton — ; [37] Robert D. Walton interim, ; Fred R. Marzion interim, — ; [40] Anne Stausboll —June ; and Marcie Frost October Present.

Reporting to the CEO, the executive officers of CalPERS are: Deputy Executive Officers for Customer Services and Support, Health Benefit Programs, Policy and Planning, Operations and Technology, and External Affairs; a General Counsel ; a Chief Actuary ; and a Chief Financial Officer ; a Chief Information Officer ; a Chief Risk Officer ; and a Chief Investment Officer. The stock market declines in lead to investment income losses of 12 billion in and 10 billion in With the stock market decline induring the financial crisis ofthere were large investment income losses.

There was a 12 billion dollar investment income loss in and 55 billion in This totals to 57 billion dollars of investment income during this year period, or about 5. This is a 2. It is especially known for its shareholder activism concerning corporate governancein which it has been described as the most influential pension fund [45] and as "a leader among activist institutions". Member contribution rates are set by statute and can vary by membership category miscellaneous or safety and by benefit formula.

Member contribution rates can change based on legislative law changes. However, the rise and fall of the contribution percentages does not affect member-accrued retirement benefits, which are guaranteed by law. According to CalPERS, "The School Pool contribution rate is affected by the investment return of a given fiscal year in the second year that follows" [] and "Local public agency contribution rates are affected by the investment return of a given fiscal year in the third fiscal year that follows".

During the proceedings some creditors accused CalPERS's increased post-crisis employer payments and future unfunded liabilities as a cause of insolvency and sought to have CalPERS employer contributions reduced. This was vigorously [ clarification needed ] opposed by CalPERS. Non-government estimates show a larger shortfall. CalPERS administers the following categories of benefits to members: [] As of MayCalPERS paid monthly allowances toretirees, survivors, and beneficiaries.

For example: Among other arguments, CalPERS claims that defined contribution plans cost more to manage than defined benefit plans and fail Hedge Fund Activism Impacts and Options provide adequate funds to retirees. As of December [1] CalPERS offers two types of retirement benefits if a worker is disabled. In "industrial disability retirement," the "disability is due to a job-related injury or illness"; in contrast, "disability retirement" implies that the disability was not necessarily caused by employment.

First, in the mids and again in the mids there were concerns about inappropriate industrial disability retirement for public safety personnel, including: [] [] Second, "a state law that tied public safety officers' disability benefits to the age at which they were hired" caused an age discrimination complaint with the Equal Employment Opportunity Commission EEOC in which eventually led to a class action lawsuit against CalPERS and other state and local agencies.

Participating agencies can use investment earnings to pay future OPEB liabilities, similar to the CalPERS pension fund in which three out of four dollars paid in retirement benefits come from investment earnings. From Wikipedia, the free encyclopedia. Board of Administration of the Public Employees' Retirement System. Retrieved October 1, Facts at a glance: general. Retrieved December 24, CalPERS at a glance: pension program.

Retrieved December 09, Facts at a glance: CalPERS HEALTH PROGRAM. Wall Street JournalApril 20, PGMA welcomes CalPERS upgrade of RP investment rating. Retrieved December 26, Calpers calls for heads to roll at Citigroup over allegations of poor corporate governance. Chantilly, VA: History Factory, CalPERS a model of innovation at Retrieved October 30, Lincoln Plaza North building. Retrieved November 3, Retrieved 19 September Retrieved 10 October CalPERS' new look - It opens a downtown headquarters that's light, airy and innovative.

Sacramento BeeNovember 12, GreenSource Magazinevol. Retrieved November 6, But they've done little to rein in costs". Retrieved 7 November Constitution of the state of California. Article XVI public finance. The California public employees' retirement law. California State Regulatory Agency List. Public Employees' Retirement System. Retrieved May 8, Statement on Turkish past fuels feud at pension fund. Los Angeles TimesOctober 25, Retrieved December 20, Public feuding at pension fund; dirty laundry keeps flying at Calpers, no.

New York TimesNovember 27, CalPERS sued for hiking pay of in-house managers. Calpers wears a party, or union, label. New York TimesOctober 13, Retrieved December 23, Can CalPERS afford to throw stones? The pension fund is rife with potential conflicts of interest. Business WeekJune 24, Retrieved December 27, Wall Options trading dji no fly zone JournalJanuary 31, Calpers ouster puts focus on how funds wield power.

New York TimesDecember 2, Calpers president says governor, chamber behind his ouster. USA TodayDecember 1, Retrieved 14 September CalPERS head to run new firm - venture capital company is next task for Hanson. Daily News of Los AngelesMay 20, Calpers appoints new CEO. San Francisco ChronicleSeptember 16, Sacramento BeeSeptember 19, CalPERS names Marzion as interim chief executive.

Sacramento BeeMay 13, Retrieved December 17, Comprehensive Annual Financial Reports June An investor watchdog with bark - and bite. California's pension fund gets noticed when it Hedge Fund Activism Impacts and Options corporate practices are hurting shareholders' returns. Philadelphia InquirerOctober 8, CEO of CalPERS wields clout. USA TodayFebruary 23, On beyond CalPERS: survey evidence on the developing role of public pension funds in corporate governance.

Vanderbilt Law ReviewMarchVol. CalPERS asks firms for Y2K update. Orange County RegisterJanuary 27, Largest pension fund adopts social responsibility standards. Houston ChronicleNovember 15, CalPERS targets offshore companies. Los Angeles TimesNovember 19, Officials in 2 states urge Big Board chief to quit. New York TimesSeptember 17, Corporate conduct: the overview; chairman quits stock exchange in furor over pay.

New York TimesSeptember 18, Fraud on the floor. Press-Enterprise Riverside, CADecember 20, San Jose Mercury NewsMarch 25, CalPERS wants to curb soaring executive pay. Sacramento BeeNovember 16, Disney splits top job in sharp Eisner rebuke - Pixar, Calpers and Comcast dramas trigger demotion action. Daily News of Los AngelesMarch 4, Hedge Fund Activism Impacts and Options New laws hit Sudan funds.

Sacramento BeeSeptember 26, Inside track - judge selects pension pit bull. Star Tribune Minneapolis, MNSeptember 18, Judge OKs UnitedHealth suit payout. Star Tribune Minneapolis, MNDecember 18, Judge OKs another UnitedHealth options settlement August 21, Institutional investors call for carbon cuts. Merrill Lynch, Allianz, CalPERS join growing chorus of business-types pushing national laws that would curb greenhouse gas emissions. Towards Sustainable Investing: Taking Responsibility April Retrieved December 10, The revolution that wasn't.

New York TimesJanuary 26, Why its good-governance crusade may now be doing more harm than good. Business WeekJune 7, Ethical CorporationFebruary 2, Retrieved November 1, Wilshire Associates Incorporated, July 31, Retrieved November 22, CalPERS targets five companies on Focus List of underperformers. Calpers seeks governance improvement from 5 companies. Long-term rewards from shareholder activism: a study of the "CalPERS effect. CalPERS effect: making noise makes money.

Orlando SentinelApril 25, Shareholder activism by institutional investors: evidence from CalPERS. Journal of FinanceMarchvol. Pension fund activism and firm performance. Journal of Financial and Quantitative AnalysisMarchvol. Hudson, and Marlin R. Shareholders wealth effects of CalPERS' activism. Financial Services Review, vol.

Retrieved November 21, The shareholder wealth effects of CalPERS' focus list. Journal of Applied Corporate FinanceSpringvol. Good corporate Hedge Fund Activism Impacts and Options works: more evidence from CalPERS. Journal of Asset Management, vol. Smythe, and Chris R. Journal of Corporate FinanceJanuaryvol. Journal of Corporate Finance, vol. Confirming the CalPERS effect: academic study links shareowner activism to financial gain.

Retrieved November 23, Monitoring the monitor: evaluating CalPERS' activism. Working paper, University of California, DavisNovember New study on the CalPERS effect wins Moskowitz Prize for SRI research. CalPERS Drops Annual Focus List November 23, Enron liability rises for CalPERS. Sacramento BeeFebruary 23, CalPERS: Enron deals were a mistake - but fund still may have netted some money on its investments.

Ventura County StarJuly 21, Enron's many strands: a big investor; even a watchdog is not always fully awake. New York TimesFebruary 5, Retrieved December 22, Washington PostJanuary 20, Questioning the books: Calpers vows to help prevent audit schemes. Wall Street JournalFebruary 22, GOP questions Davis donor's link to huge CalPERS investment. San Francisco ChronicleMay 2, Billionaire also made contributions to pension board members. San Francisco ChronicleMay 26, CalPERS clout carries overseas.

Los Angeles TimesMarch 15, Banks sell 'toxic waste' CDOs to Calpers, Texas Teachers Fund. Varones blog, August 3, Bankruptcy for CalPERS-backed LandSource. Land blog, Los Angeles TimesJune 9, CalPERS: Fund caught off guard by extent of downturn. Sacramento BeeJune 10, CalPERS - an economic engine. Retrieved November 20, Sacramento Hedge Fund Activism Impacts and OptionsApril 19, Study touts CalPERS' benefit to economy.

Los Angeles TimesSeptember 19, Fund's impact in state gauged - CalPERS investments are tied tojobs in California. CalPERS Economic Impacts trading the asian forex session 9 netflix California Pension Payments June 30, CalPERS and CalSTRS pensions power up state and local economies. San Diego Union-TribuneMay 6, Retrieved December 21, Retrieved November 19, More than a pat on the back.

Rock stars - one of business's most effective employee-reward programs is simple recognition. Sacramento BeeAugust 30, Motivator vehicles - consultants say old-style ways to reward good work aren't as effective as more-frequent pats on the back. Sacramento BeeOctober 31, Pamela Sabin Recognition Champion Award Recipients. State public worker pension fund takes big hit. San Francisco ChronicleDecember 8, Retrieved December 18, Investment return impact on employer rates.

CalPERS Circular Letter No. CalPERS' portfolio value rocked by market volatility. Los Angeles TimesOctober 23, Retrieved October 23, The New York Times. Retrieved 4 September Retrieved November 4, State workers may get hands on their pensions - bill to let them manage the money themselves. San Francisco ChronicleJune 29, Governor gives in over issue of killed-or-injured benefits. Press-Enterprise Riverside, CAApril 8, Voters approve leaving pension plan.

Monterey County HeraldNovember 6, Pension debate: the myths and realities of defined benefit and defined contribution plans. Medical pensions: Is the state's system sick? Sacramento BeeMay 10, metatrader exness CalPERS reviewing records for fraudulent disability cases. Daily News of Los AngelesNovember 14, More questions in CHP disability fraud probe.

Hedge Fund Activism Impacts and Options TV, November 24, The story behind a record-setting age discrimination settlement and what it could mean in your workplace. AARP The MagazineJuly—August Older disabled public safety workers claimed discrimination. San Francisco ChronicleJanuary 31, Retrieved November 26, Wrestling health-care costs to the mat.

New York TimesFebruary 10, Retrieved November 8, CalPERS strikes blow for health care costs. San Jose Mercury NewsFebruary 10, HMO premiums ease for CalPERS. The public system touts its strategy as a panel OKs the smallest rate hike since Sacramento BeeJune 15, Health-care costs jump at Calpers - big premium increase may signal trend. Washington PostApril 17, Calpers raises health care premiums. New York TimesJune 19, CalPERS squeezed on care - As agencies quit health program, concern mounts. Sacramento BeeSeptember 1, Federal Employees Health Benefits Program.

Premium growth has recently slowed, and varies among participating plans. Report GAO, December CalPERS health plan may be bellwether: employers statewide may follow california agency's emphasis on preventive medical care. Press Democrat Santa Rosa, CAJune 21, Agency for Healthcare Research and Quality. Facts at a Glance December, Retrieved December 12, Sacramento BeeSeptember 20, Hedge Fund Activism Impacts and Options retirees, workers hit hard. Long-term care charges to increase What Happened to the CalPERS Home Loan Program?

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