11 Burst results for "Marcy Frost"

"marcy frost" Discussed on After The Fact

After The Fact

03:30 min | 3 months ago

"marcy frost" Discussed on After The Fact

"Security for all americans which is another significant challenge but big conversation is occurring in the nation's biggest state california. Here's marcy frost who you heard at the beginning of this episode. Calpers is the california public employees retirement system and it is a system that takes care of both retirement and health care for about two million public sector workers in the state of california so the public sector workers could firefighters. That can be police officers. That can be school employees and state employees. And what we do is we. We make sure that they have retirement benefit at the time. They're ready to stop actively working and our portfolio since at roughly for twenty five to forty thirty billion dollars. And that's Again that seventy five percent funded so fully funded. That number would be much higher at the state level. What are the pressures on. People like you To try to make sure your fund is adequately funded right. I mean you. There's an obligation that the state has made to state employees to get them a safe retirement. It's helps you recruit good people and helps you keep good people so What are the pressures that you have to navigate to try to increase your numbers biggest pressure that we have incident as a pension plan is really the portfolio and the expected growth on that portfolio year after year is seven percent and that is seven percent after all fees are paid that seven percents After you adjusted for for risk that is certainly a pressure for the investment office or cowher's generally the cowboys board an every. Essentially every stakeholder who operates around. I think the second pressure is one that we've identified our top three risks to the system. Which is the employer the three thousand participating employers in calpers their ongoing ability to pay the contributions boats on the infant liability side as well as the normal cost of the plan. How do you innovate to make sure that the funding is going to be there for the people who need it. I think part of innovation is courage. You know having courage to make the tough decisions that really. No one wants to have to make it. Wouldn't you know what i think about. What's been innovative at calpers. I really just reflect back on the last four years since i've been here. And what are the things. We noticed right away. Is that the the rate in which we invest in that. We assume that we're going to make seven and a half percent on the money that's being provided by the members of the public employers. Would we looked at the markets. It was we did not see that as being feasible so we knew that we had to work with our stakeholders work with our legislators to help them to understand the problem. We were trying to solve that if we were not able to get seven and a half percent earnings on the money what that means is that our public employers would have to buy contributions. Make up the difference between what we were able to earn and what you know what we expected to earn. When we don't hit the expected rate of return for the most part the employers are paying for that those costs there is a dollar amount associated at to it and then it gets a financed if you will over a three year period of time. It's almost like a home mortgage or your financing at certain debt. You purchase a home for three hundred thousand dollars. You finance that over. You know thirty years and you're paying two thousand dollars a month. That.

seven percent thirty years three hundred thousand dollars seventy five percent seven and a half percent california twenty five both about two million second pressure forty thirty billion dollars three thousand one marcy frost calpers last four years two thousand dollars a month a three year three risks seven percents
"marcy frost" Discussed on After The Fact

After The Fact

05:44 min | 3 months ago

"marcy frost" Discussed on After The Fact

"The first star emission disturbing members can be police officers. They came preschool employees and state employees. And what we do is we. We make sure that they have a retirement benefit at the time that they're ready to stop actively working in calpers over the last four years has been making very difficult decisions about the appropriate funding of these pension plans for the future. We'll trust i'm dan. Lewis can this is after the fact and that was marcy frost. She leads the california public employees retirement system. Calpers is the nation's largest public pension system with a global investment portfolio of around four hundred twenty billion dollars that's a figure larger than the gdp of countries like norway singapore and the difficult decisions. Marcie mentions affect the retirement benefits for nearly two million public employees retirees and their families is a challenge facing many states across the country as they look at the best ways to fund their public pension systems. And that's something. Greg menace works on at pugh helping states develop solutions to close the funding gap between what state pension plans odor their public employees. And the money. That's being put aside to pay that bill up. Hugh analysis in two thousand eighteen found that funding gap in the states totaled one point two four trillion dollars. That's with a t and that's the data point for our episode. It's a number. Experts see growing with the impact of the coronavirus pandemic amid those daunting numbers states like pennsylvania and california have discovered innovative ways to ensure pension systems. Keep their promises to retirees. Most people are familiar with 401k. Plans and over sixty million americans saved through retirement primarily through those kinda plans in the public sector. It's different where most of the state and local workers participate in what are called defined benefit plans by and large this distinction where in the public sector benefits are paid for through a fixed payment in retirement And the money is managed by the state and today there's about four trillion dollars in public assets. Invested in stocks bonds alternative investments is the main differences between that. Most people save for retirement. The all of us have to be concerned about our retirement. All of us need to plan ahead. Why should all of us care about the public. Employees pension system a well funded pension system in the public sector. can literally cost billions billions of dollars less every year from the state or local budget as compared to one. That's severely underfunded. The short answer is that in a well-funded system the state or local government is setting aside money each and every year while people are working to pay for their benefits when they retire and as it turns out by doing that it ends up that compounded investment earnings and up paying for the majority of the benefit. I'm in contrast they severely underfunded system. Where the money hasn't been set aside while people are in their working years. They lose out. On all kinds of compounded investment earnings and as a result the majority of the cost comes out of the state for state or local budget. I'm just to provide some examples. We look at pension. Plans in states. Like tennessee and south dakota and wisconsin all of which are close to being fully funded. It sounds like if states are planning their investments properly in a smart way. The earnings made by those investments can pay for the costs to maintain the fund. What happens with states. That aren't fully funded if you look at states like kentucky illinois new jersey all of which have less than fifty percent of the assets set aside that budgetary cost is closer to fifteen percent of revenue on average so that means no state somewhere between one and ten in one in five tax dollars going to pensions that adds up to about a ten billion dollars of additional cost across those three states alone. And so i think this is important from the public's perspective not only because of the impact that can have on state and local budgets and in turn the resources that are available for public services but also because having a well-funded system helps to prevent reductions in workforce or cuts in benefits that you need to attract skilled public workforce to be very specific. That means there's less money to buy police cars or paved roads or any other public service. That taxpayer dollars fund right. I mean and that's that's a big deal. I mean the government is always looking to contain costs whether it's healthcare or other issues this is. This is a big ticket item for a lot of states. That's absolutely right. And as i mentioned before. I think for a larger state and city the difference between having a well-funded system in an underfunded system comes out billions of dollars every year so everything from investments in education and infrastructure to healthcare ends up being strained in the budget each and every year it almost sounds like innovation is sort of old school ideas of like. Just you know figuring out what the bills are going to be a mixture. You got the money to pay for them you know. I think that that's right. And there are two ways in particular where i think innovation plays a role you to first off it has to do with how plans and pension systems planned for uncertainty and some of the states that i just mentioned tennessee. Wisconsin in south dakota very clear predefined rules about how to adjust cost if there's a downturn or investments underperform. This includes building margin of safety into assumptions essentially setting aside a rainy day fund within the pensions system and then also adjustments to worker benefits. That are clearly understood by everybody and so from that perspective i think innovation goes back to looking at the policies and practices that these states have been following for

Marcie Hugh Lewis pennsylvania two thousand norway today over sixty million around four hundred twenty bil two Calpers one point california nearly two million calpers first star four trillion dollars Greg menace eighteen last four years
]]Securing Public Pensions

After The Fact

05:44 min | 3 months ago

]]Securing Public Pensions

"The first star emission disturbing members can be police officers. They came preschool employees and state employees. And what we do is we. We make sure that they have a retirement benefit at the time that they're ready to stop actively working in calpers over the last four years has been making very difficult decisions about the appropriate funding of these pension plans for the future. We'll trust i'm dan. Lewis can this is after the fact and that was marcy frost. She leads the california public employees retirement system. Calpers is the nation's largest public pension system with a global investment portfolio of around four hundred twenty billion dollars that's a figure larger than the gdp of countries like norway singapore and the difficult decisions. Marcie mentions affect the retirement benefits for nearly two million public employees retirees and their families is a challenge facing many states across the country as they look at the best ways to fund their public pension systems. And that's something. Greg menace works on at pugh helping states develop solutions to close the funding gap between what state pension plans odor their public employees. And the money. That's being put aside to pay that bill up. Hugh analysis in two thousand eighteen found that funding gap in the states totaled one point two four trillion dollars. That's with a t and that's the data point for our episode. It's a number. Experts see growing with the impact of the coronavirus pandemic amid those daunting numbers states like pennsylvania and california have discovered innovative ways to ensure pension systems. Keep their promises to retirees. Most people are familiar with 401k. Plans and over sixty million americans saved through retirement primarily through those kinda plans in the public sector. It's different where most of the state and local workers participate in what are called defined benefit plans by and large this distinction where in the public sector benefits are paid for through a fixed payment in retirement And the money is managed by the state and today there's about four trillion dollars in public assets. Invested in stocks bonds alternative investments is the main differences between that. Most people save for retirement. The all of us have to be concerned about our retirement. All of us need to plan ahead. Why should all of us care about the public. Employees pension system a well funded pension system in the public sector. can literally cost billions billions of dollars less every year from the state or local budget as compared to one. That's severely underfunded. The short answer is that in a well-funded system the state or local government is setting aside money each and every year while people are working to pay for their benefits when they retire and as it turns out by doing that it ends up that compounded investment earnings and up paying for the majority of the benefit. I'm in contrast they severely underfunded system. Where the money hasn't been set aside while people are in their working years. They lose out. On all kinds of compounded investment earnings and as a result the majority of the cost comes out of the state for state or local budget. I'm just to provide some examples. We look at pension. Plans in states. Like tennessee and south dakota and wisconsin all of which are close to being fully funded. It sounds like if states are planning their investments properly in a smart way. The earnings made by those investments can pay for the costs to maintain the fund. What happens with states. That aren't fully funded if you look at states like kentucky illinois new jersey all of which have less than fifty percent of the assets set aside that budgetary cost is closer to fifteen percent of revenue on average so that means no state somewhere between one and ten in one in five tax dollars going to pensions that adds up to about a ten billion dollars of additional cost across those three states alone. And so i think this is important from the public's perspective not only because of the impact that can have on state and local budgets and in turn the resources that are available for public services but also because having a well-funded system helps to prevent reductions in workforce or cuts in benefits that you need to attract skilled public workforce to be very specific. That means there's less money to buy police cars or paved roads or any other public service. That taxpayer dollars fund right. I mean and that's that's a big deal. I mean the government is always looking to contain costs whether it's healthcare or other issues this is. This is a big ticket item for a lot of states. That's absolutely right. And as i mentioned before. I think for a larger state and city the difference between having a well-funded system in an underfunded system comes out billions of dollars every year so everything from investments in education and infrastructure to healthcare ends up being strained in the budget each and every year it almost sounds like innovation is sort of old school ideas of like. Just you know figuring out what the bills are going to be a mixture. You got the money to pay for them you know. I think that that's right. And there are two ways in particular where i think innovation plays a role you to first off it has to do with how plans and pension systems planned for uncertainty and some of the states that i just mentioned tennessee. Wisconsin in south dakota very clear predefined rules about how to adjust cost if there's a downturn or investments underperform. This includes building margin of safety into assumptions essentially setting aside a rainy day fund within the pensions system and then also adjustments to worker benefits. That are clearly understood by everybody and so from that perspective i think innovation goes back to looking at the policies and practices that these states have been following for

Marcy Frost Greg Menace Calpers Marcie California Pugh Norway Lewis Hugh DAN Singapore Pennsylvania South Dakota Tennessee Wisconsin
"marcy frost" Discussed on After The Fact

After The Fact

05:01 min | 3 months ago

"marcy frost" Discussed on After The Fact

"The first star emission disturbing members can be police officers. They came preschool employees and state employees. And what we do is we. We make sure that they have a retirement benefit at the time that they're ready to stop actively working in calpers over the last four years has been making very difficult decisions about the appropriate funding of these pension plans for the future. We'll trust i'm dan. Lewis can this is after the fact and that was marcy frost. She leads the california public employees retirement system. Calpers is the nation's largest public pension system with a global investment portfolio of around four hundred twenty billion dollars that's a figure larger than the gdp of countries like norway singapore and the difficult decisions. Marcie mentions affect the retirement benefits for nearly two million public employees retirees and their families is a challenge facing many states across the country as they look at the best ways to fund their public pension systems. And that's something. Greg menace works on at pugh helping states develop solutions to close the funding gap between what state pension plans odor their public employees. And the money. That's being put aside to pay that bill up. Hugh analysis in two thousand eighteen found that funding gap in the states totaled one point two four trillion dollars. That's with a t and that's the data point for our episode. It's a number. Experts see growing with the impact of the coronavirus pandemic amid those daunting numbers states like pennsylvania and california have discovered innovative ways to ensure pension systems. Keep their promises to retirees. Most people are familiar with 401k. Plans and over sixty million americans saved through retirement primarily through those kinda plans in the public sector. It's different where most of the state and local workers participate in what are called defined benefit plans by and large this distinction where in the public sector benefits are paid for through a fixed payment in retirement And the money is managed by the state and today there's about four trillion dollars in public assets. Invested in stocks bonds alternative investments is the main differences between that. Most people save for retirement. The all of us have to be concerned about our retirement..

Marcie Hugh Lewis pennsylvania two thousand norway today over sixty million around four hundred twenty bil two Calpers one point california nearly two million calpers first star four trillion dollars Greg menace eighteen last four years
"marcy frost" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

02:52 min | 1 year ago

"marcy frost" Discussed on WNYC 93.9 FM

"Send the right email at the right time tools now include a website builder at constant contact dot com I'm David Brancaccio New York China today announced it is cutting in half tariffs on seventy five billion dollars worth of goods imported from the US this is in line with the phase one US China deal signed last month the B. B. C.'s charisma of us want a reports from Singapore China had committed to buying two hundred billion dollars worth of American goods over to yes but even before the virus outbreak economists would doubtful whether Beijing would be able to fulfill those commitments because of the sheer volume of what it was expected to buy China is expected to suffer from sluggish consumer demands now because of the virus outbreak these trade reductions could help to reduce prices for Chinese consumers and allow Beijing to keep to its promise in the trade deal duration of us money at the BBC markets Dow S. and P. and nasdaq futures are all up four tenths of one percent as stated local governments get into the season here of budgeting there is an instructive case in California home of the biggest public pension system in the US taxpayer money is needed to make good on pension promises to government workers market places Mitchell Hartman reports for every dollar California public agencies paying wages this year those employers will have to fork over another twenty five cents on average to CalPERS the state pension fund to cover benefits for retirees for public safety workers like police and firefighters the contribution is nearly fifty cents on the dollar says CalPERS CEO Marcy frost over the next few years for our public employers the rates will increase and then they will begin to flatten out CalPERS is still trying to make up for market losses in the Great Recession and expects lower returns from its investments in the future pension systems nationwide face similar problems says John Pierre brie at Boston college's center for retirement research partly because of demographics in America generally were grain we have more retirees and so at a point right now with lots of cash flow pressure but about the benefits being paid out the forecast improved over the next decade as the baby boomers age and less generous pension plans for younger workers kick in hi Mitchell Hartman for market place and it's just emerged from the fine print of a new law in New York state apartments brokers can no longer charge ranchers for the apartment above the first apartment owners in New York will have to pay the brokers a cost which still may get passed to the renter indirectly this is an exception if the renter who hired it's that render hires the broker to find an apartment then they'll still be a broker's fee marketplace morning report is supported by progressive insurance comparing car insurance rates from multiple insurers so shoppers can evaluate options in.

"marcy frost" Discussed on KCRW

KCRW

02:52 min | 1 year ago

"marcy frost" Discussed on KCRW

"Send the right email at the right time tools now include a website builder at constant contact dot com I'm David Brancaccio New York China today announced it is cutting in half terror of sun seventy five billion dollars worth of goods imported from the US this is in line with the phase one US China deal signed last month the BBC's charisma bus one A. reports from Singapore China had committed to buying two hundred billion dollars worth of American goods over to yes but even before the virus outbreak economists would doubtful whether Beijing would be able to fulfill those commitments because of the sheer volume of what it was expected to buy China is expected to suffer from sluggish consumer demands now because of the virus outbreak these trade reductions could help to reduce prices for Chinese consumers and allow Beijing to keep to its promise in the trade deal Christmas money at the BBC markets Dow S. and P. and nasdaq futures are all up four tenths of one percent as stated local governments get into the season here of budgeting there is an instructive case in California home of the biggest public pension system in the US taxpayer money is needed to make good on pension promises to government workers market places Mitchell Hartman reports for every dollar California public agencies pay in wages this year those employers all have to fork over another twenty five cents on average to CalPERS the state pension fund to cover benefits for retirees for public safety workers like police and firefighters the contribution is nearly fifty cents on the dollar says CalPERS CEO Marcy frost over the next few years for our public employers the rates will increase and then they will begin to flatten out tell persist all trying to make up for a market losses in the Great Recession and expects lower returns from its investments in the future pension systems nationwide face similar problems says John Pierre brie at Boston college's center for retirement research partly because of demographics in America generally were grain we have more retirees and so at a point right now with lots of cash flow pressure because what the benefits being paid out the forecast improved over the next decade as the baby boomers age and less generous pension plans for younger workers kick in hi Mitchell Hartman for market place and it's just emerged from the fine print of a new law in New York state apartment brokers can no longer charge ranchers for the apartment above me a be a first apartment owners in New York will have to pay the brokers a cost which still may get passed to the renter indirectly this is an exception if the renter who hired it's that render hires the broker to find an apartment then they'll still be a broker's fee marketplace morning report is supported by progressive insurance comparing car insurance rates from multiple insurers so shoppers can evaluate options.

"marcy frost" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

01:34 min | 1 year ago

"marcy frost" Discussed on WNYC 93.9 FM

"Talks on perhaps cutting supply given the effective corona virus on the world economy as state and local governments get into the season of budgeting there is an instructive case in California home of the biggest public pension system in the US taxpayer money is needed to make good on pension promises to government workers market place's Mitchell Hartman reports for every dollar California public agencies pay in wages this year those employers will have to fork over another twenty five cents on average to CalPERS the state pension fund to cover benefits for retirees for public safety workers like police and firefighters the contribution is nearly fifty cents on the dollar says CalPERS CEO Marcy frost over the next few years for our public employers the rates will increase and then they will begin to flatten out tell persist all trying to make up for market losses in the Great Recession and expects lower returns from its investments in the future pension systems nationwide face similar problems so is shown peer brie at Boston college's center for retirement research partly because of demographics in America generally were grain we have more retirees and the weather point right now with lots of cash flow pressure about the benefits being paid out the forecast improved over the next decade as the baby boomers age and less generous pension plans for younger workers kick in I'm Mitchell Hartman for market place marketplace morning report is supported by progressive insurance comparing car insurance rates from multiple insurers so shoppers can evaluate options in one place.

Mitchell Hartman Marcy frost Boston college America California US CalPERS CEO
"marcy frost" Discussed on KQED Radio

KQED Radio

08:37 min | 1 year ago

"marcy frost" Discussed on KQED Radio

"Easily digestible episodes of good guys stop in the bad guys but a recent study questioned how their portrayal of the criminal justice system influences the way we feel about policing years and years and reliable how search without a warrant evidence being covered over a cop named Hank voice on NBC Chicago PD using a metal rod to torture someone for information in the this philosophy on policing you need people like me out on the streets doing the things regular cups one willing to do and you're left with an opinion that yeah this is what they've got to do in order to keep us safe but keep who safe doctor shot Robinson the president of color of change which advocates for racial justice they teamed up with the Norman Lear center at U. S. C. to look at twenty six cop shows across this season more than three hundred and fifty episodes over and over and over again the good guy that police officer that district attorney was doing bad things and it was being endorsed the study breaks down who does a wrongful actions what kind of actions are they and who plays the on screen roles that prosecutors the judges the victims and then they compared it to real world statistics the show's paint this sort of magical space in cities like New York and Chicago where people of color exists but somehow racism doesn't exist with few exceptions the show's rarely depends how disproportionately black people are targeted by police or how bias is baked into the system for Lucy laying that's the biggest problem I'm the director of the institute for innovation and prosecution at John Jay college of criminal justice in New York City she also served as an assistant DA in Manhattan for twelve years prosecuting violent street crime and homicides and it is more often the system that's designed to de humanize folks the system in which there are management failures and it is those sort of banal things that result in inequities more often than a single malevolent person but it's hard to make compelling TV about systems truth be told my job does not make for great television if the days of the noble criminal defense attorney your Perry Mason Sir Ben Matlock's are gone then what's left is a TV landscape full of enforcers I was really interested so much in cops as I was in yes institutional corruption ID has sock created the NBC show shades of blue a cop show about the system with a strong Jennifer Lopez plays detective Harley Santos she makes increasingly problematic and corrupting decisions like convincing a rookie cop to license agent which means tomorrow and then internal affairs interview you save but by the time the show premiered in twenty sixteen a number of real life cops are making headlines for committing real life crimes and Hasan grew uncomfortable making a cop show he left during its first season you know there were a lot of cop shootings cops were shooting unarmed people and I was wondering if I was really serving you know anything here besides just you know helping the flame get bigger Rashad Robinson president of color of change started this project partly because of violent crime in the U. S. is trending down yes studies show the public doesn't see it that way and Robinson says it isn't easy to convince people otherwise one law enforcement has its own PR machine on TV Angela bong and peonies it's morning edition from NPR news I'm Steve Inskeep and I'm no well king on the way next to the marketplace morning report kind of putting the way back machine and into use a history elect lesson in economics as a head of what caused the big boom in living standards in the seventeenth century and how that might help us understand the economy of today interesting that other business financial news just ahead on the marketplace morning report on KQED public radio then more morning edition of the latest from NPR news coming up at the top of the hour hi Michael stated three fifty ten before for California voters can breathe a sigh of relief the democratic debacle in Iowa will probably not be repeated here comes super Tuesday but that doesn't mean we'll know who won the most delegates in the Golden State on March third that answer could take two weeks after election day to sort out I'm Reza Lagerstroemia Scott Shafer for political break down and a conversation to sort through the madness with voting expert parliament on KQED public radio tonight at six o'clock for where ever you get your podcasts three residents of Selma Alabama went on trial for the murder of James reed in nineteen sixty five to protect them the white townspeople fostered a powerful live update it killed a man they don't admit to their front build any link to deny it to them so it's a counter narrative that has survived for over fifty years we continue to unravel it on the next white lies from NPR that's special is on the air tonight at eight they will repeat the broadcast Friday morning at two an investigation is under way into the popular app tick tock I'm tots well like why is the government so concerned about a potential national security risk that's next time on one day tonight at eleven KQED public radio China because some terrorists marketplace morning report is supported by T. Rowe price offering a strategic investing approach that examines opportunities first hand since nineteen thirty seven T. Rowe price invest with confidence and by constant contact with email marketing automation tools designed for small businesses to send the right email at the right time tools now include a website builder at constant contact dot com I'm David Brancaccio China today said it is cutting in half tariffs on seventy five billion dollars worth of goods imported from the U. S. this is in line with the phase one US China deal signed last month the B. B. C.'s charisma of us want a reports from Singapore China had committed to buying two hundred billion dollars worth of American goods over to yes but even before the virus outbreak economists would doubtful whether Beijing would be able to fulfill those commitments because of the sheer volume of what it was expected to buy China is expected to suffer from sluggish consumer demands now because of the virus outbreak these trade reductions could help to reduce prices for Chinese consumers and allow Beijing to keep to its promise in the trade deal charisma of US one is with our editorial partner the BBC complicating any new flow of goods as she says China's efforts to contain the corona virus while workers in some key regions of China have been expecting to return to their jobs starting on Monday some business executives our China correspondent has been speaking with say there is a chance they stay closed for longer Dow and nasdaq futures are up four tenths percent now the S. and P. futures up three tenths percent crude oil is up one percent in New York with OPEC extending talks on perhaps cutting supply given the effective corona virus on the world economy as state and local governments get into the season of budgeting there is an instructive case in California home of the biggest public pension system in the US taxpayer money is needed to make good on pension promises to government workers market place's Mitchell Hartman reports for every dollar California public agencies pay in wages this year those employers will have to fork over another twenty five cents on average to cal pers the state pension fund to cover benefits for retirees for public safety workers like police and firefighters the contribution is nearly fifty cents on the dollar says CalPERS CEO Marcy frost over the next few years for our public employers the rates will increase and then they will begin to flatten out tell persist all trying to make up for a market losses in the Great Recession and expects lower returns from its investments in the future pension systems nationwide face similar problems says John Pierre brie at Boston college's center for retirement research partly because of demographics in America generally were grain we have more retirees and so at a point right now with lots of cash flow pressure about.

"marcy frost" Discussed on NewsRadio KFBK

NewsRadio KFBK

07:56 min | 2 years ago

"marcy frost" Discussed on NewsRadio KFBK

"Nick fan on board. John mcginnis with ninety three point one K F T K here all the time about the the public employees pensions. And you might kinda shrug it off. And I'm not a member of any kind of public employees pension system. So it doesn't affect my life. Well, let me just reply to that with some clarification, it does in the state of California, especially applies to you. And there are cases that could challenge this. But affectively it is constitutionally protected those pensions or constitutionally protected, the state of California. Therefore, regardless of what you do or what your your status is. With regard to pension plan. You may be on the hook at the pension. The biggest pension plan was to crash and burn. And that's exactly why an important concept. That's why I'm very happy to have the new chief executive officer for CalPERS in studio, this African MARCY frost good afternoon. Welcome to the conversation. Great to have you. Good afternoon pleasure to have you. Now. I know that that people first of all I think there's a lot of probably these strong term, but there is some hostility towards people who have these pensions. And the thought is I don't have that passion. So it doesn't affect my life. But that's not true at all. Is it? If your taxpayer in California, this affects you there's actually a term for that is called Pinson envy. Yes. And so the way that pensions are funded. They're funded through the public employers, and there are three thousand of them who participate in CalPERS three thousand employers clarify. Only one employer so local governments school districts, and there is a contribution rate that's paid into CalPERS that gets invested. And then at the end of the public employee's career. They get what I refer to as deferred compensation. I pension benefit. Right. And by the way, just to clarify. I am retired from a public employment. But I am not a member of Cal. Actually, ironically, I am a member of CalPERS have had secondary employees in CalPERS organization. So I have contributed, but I'll never draw anything out of that. Frankly, I just want is there, but I was a member of the different pension system separate and apart totally different from CalPERS. But I too could ultimately be affected by the decisions that are made by CalPERS today. Because if the investments are not well-founded well researched and thoughtfully implemented. It could affect all of us. Correct. Yes. So investments if you think about public employees pension plan, there's basically three levers, right? So there is your investments and the level of risk that you're comfortable taking with your investments. There are the contribution rates which are paid by the employer and the member the employee and the third is the plan design, and how much does that plan design costs in the long term. So those are the three areas of public employees, pension and contributions and investment. So the country's come into CalPERS and one of the primary responsibilities that we have at CalPERS is to invest those assets with a seven percent assumed rate of return, right? A very high reward Embiid, and it means we have to take a level of risk in order to get to that seven percent return target, but we have to know the risks that we're taking and we have to be paid for those risks. And as I look at some of the things I've read and heard in recent years is that there's a philosophical. Emotional opposition to certain kinds of investments, and I think in a person's individual capacity. That's fine. If you are offended or bothered by investing in firearms or amunition or tobacco or any number of things because it doesn't comport with your views on life by all means you should exercise that option. But when you're managing a large in fact, the largest public pension system in the world in the United States in the US. We don't any idea what the biggest one in the world. Going to be GPS pan likely, sovereign mull funds that okay, but when you're managing order of magnitude, and everybody's going to be on the hook for it. If it collapses, then I think you have to dispense with the motions and philosophies, and if there's a consum- consumer interest in the product to be invested, then by all means embrace that and keep the keep the system solvent. Is there anything improper or inaccurate? Or wrongful wrong minded in terms of that concept, personal views personal views are very much in alignment with yours. So we're about seventy one percent funded which means if you bring back the liabilities today, and if we had to pay everything out today we have about seventy one percent of the assets that we need to pay pension benefits. But we're a long term investor were a long-term system. So we don't have to do that today. But we are we have to participate in order to hit that seven percent, and you've probably seen through board agenda items or through the legislature. But there are many people who have views about how CalPERS shit invest the contributions coming in from the employer and the member, and we call these divestment activities, I typically would be the terminent most people would be familiar with. And what we what we say at as the staff helpers is that we are a posted investment. And the reason we're a posted minutes for a couple of reasons. One is we are the largest US public pension plan, which means that our engagement activities can be quite affected with a company having a large voice like CalPERS. We do. Had the ability to modify and change behavior. If we don't think that that company is thinking about long term sustainability. So that's one the second is we need white access to all of the capital markets to even have a chance of hitting that seven percent return. And so development does not work for us. Occasion. It works quite well, and we have great success there. But when you start limiting our ability to deploy the assets into we a lot from about fossil-fuel investments, I came out of the Washington system it release no different here in CalPERS. We heard from the, you know, the fossil fuel, you know advocates. There are divest. Ing of also feel week. We heard from it from those individuals there different individuals but same policy, but I think also when we don't hit the seven percent return that can be quite problematic because employers have to pay more ger, which means the tax payers in some cases, have to pay for the ability to to meet the funnel metal goals and objectives of various institutions. Right. I mean, you see in the last couple election cycles, you have seen public entities cities county special districts down the state of California proposing sales tax initiatives, largely branded labeled as an opportunity to bring in more revenue to have improved programs one. Such city is the city of Sacramento seems abundantly clear to me. And I thought it at the time, and it's seems there's very little doubt. Now, if I think it's been largely knowledged that this measure you in Sacramento was done specifically to offset the the the funding gap in in the in the public pension system the city Sacramento, so it does become problematic. And now, you see the money that's been generated through measure, you all but about three million dollars of that is spoken for in terms of the pension Nate, so which by the way is a legitimate expense. And I don't think the there should be animus towards the employees who are in that position. But rather a recognition of the fact that you need to invest wisely you need to make long-term sound decisions and order to keep that system. Solvent or everybody will pay. Yeah. I think you got a challenging job. We take a break and take care of some business by a lot more questions for you. So stay with us. Marcy frost chief executive officer for CalPERS. This is not limited to people who are members of CalPERS. In fact, I would argue that the the members have greater degree of protection, the non says the rest of us, frankly that have to be I think in tune to what's going on in call for the best and expect the best.

CalPERS California chief executive officer United States John mcginnis Nick Sacramento Marcy frost Nate Washington Pinson seven percent seventy one percent three million dollars one K
"marcy frost" Discussed on KGO 810

KGO 810

02:00 min | 2 years ago

"marcy frost" Discussed on KGO 810

"This is cagey. Oh, eight ten. Jio? He did I'm Nikki medoro. Senator Chuck Grassley says the latest allegations of sexual misconduct by supreme court nominee. Brett Cavanaugh will not derail plans for tomorrow's hearing before the Senate Judiciary committee. Here's correspondent, Linda Kenyon. Dr Christine Blasi Ford alleged judge cavenaugh sexually assaulted her. When both were in highschool cavenaugh denies that allegation. And the two will make their cases at the hearing. But to other women who have accused Brad Kavanagh of sexual misconduct will not be heard, nor will there be an FBI investigation. Democrats say the latest allegation is reason enough to slow down the process and call for that investigation. But Senator Grassley tells reporters he has what he calls a definite responsibility to both Dr Ford and judge Cavanaugh to go ahead with the hearing, Linda Kenyon, Capitol Hill. California state treasurer, John John John Chung is calling for an independent investigation after critics raise questions about the educational background of the head of the nation's largest public pension system. California Public employees retirement system CEO MARCY frost is facing criticism after a blogger wrote she implied in her application and in a statement announcing her hiring that she was working on obtaining a college degree from evergreen state college. But she has not taken a class there since two thousand ten Chong today frost has performed well, but failing to investigate would lead a cloud over the three hundred sixty billion dollar pension fund. Chung is a democrat and sits on the CalPERS CalPERS board. Members have told the Sakti they knew frost and not have a degree when they hired her. Janet Jackson and Metallica are confirmed as headlining tonight's concert for kids benefiting UCSF Benny off children's hospital. The event is presented by Salesforce. It's in its ninth year and takes place at San Francisco city hall and Civic Center plaza Jackson should hit the stage at the Bill Graham civic auditorium at eight Metallica will play at eight thirty on the Civic Center stage in front of the Asian..

Senator Chuck Grassley John John John Chung MARCY frost Linda Kenyon Brett Cavanaugh Bill Graham civic auditorium Civic Center plaza Jackson Dr Christine Blasi Ford Brad Kavanagh Senate Judiciary committee Janet Jackson Metallica Nikki medoro Civic Center UCSF Benny San Francisco cavenaugh FBI California
"marcy frost" Discussed on KSRO

KSRO

11:57 min | 2 years ago

"marcy frost" Discussed on KSRO

"Seven joepags dot com for Facebook, Twitter, Instagram, Email, all of that and more right there. Also, the live video feed is there to view if you care to see our our Brighton, shiny smiley faces are they writing and smiley. Carry looks tired like Shannon, supper. You took a day off and decided not to sleep yawning Yana through the opening of the show. The opening of the show is. Little Rock and roll name. The show. Really? Wow. Let me ask you something yawns is that not make them. Look tired. Not necessarily. I'm that you're telling the Iowa tire. Then what is it gonna note? Tired? You never tell a woman that you don't you? Just don't. If I see a woman yawning, I'm going to tell her. She looks tired. Okay. Everything going. That. It's about it. Hires that advocate day this week. I'm not going to happen now. All right. So again, we're glad that carries back today. You know, yesterday, we had all these gremlins and machines and Paulo, and I we're going to ask you are you doing this on purpose? No, I did not. I did not. When you're on your on that you talk to the engineers this plug somebody in plugged the show yesterday or something I kind of heard about that wasn't on me. It was not. So when that happens when you're not here. Are you like, Yep. See showed it shows nowhere near what it could be. But I'm not in. Well, I thought that once or twice while. Eight eight nine four one pack pags parody after the bottom of the will have the cavenaugh story. And again, it's basically a story. That's a non story that can't be verified. You can't talk to the person or know who the person is at one of the people named in. The story denies the story ever happened. Did you see that update? I did. Yes. Come on, dude. We'll have that care. We'll have that at the bottom of the and go to the phone lines. In the meantime, say Hello. And welcome to line. One is Louis in San Antonio Lewis. What's going on? Hi. Hi. Thanks. Good talking with you. I love your show. Carry us an asset to your show. And. I found you also on Facebook and Twitter lately. All over the place. Yeah. Thank you. Yeah. Thanks. I wanna tell you something. I am an immigrant. I'm so my Spanish speaking country cool ended up to be here. I am after finding everything through social media lately with Google outlets like that. I am really surprised that person Trump made it made it through all of this mess that they created for him. I am. So by the he is our president. It's just got to work. What will you people people who are from Spanish speaking countries? The Democrats are -ssume that you're democrat that you hate Trump with are you finding that there are more people like you than we think there are. Absolutely. Because I have Frank Mike Reiter with me, different states and people that I know I own business where we consider a lotta Hispanic clients in a lot of them are really that. We have percents that is doing excellent for the companies in the country. I and a lot of friends voted for with me for. So we all have I find that. We are all Democrats or right? It's a bad assumption. I I realized that in Ann Lewis. I gotta tell you. I'm glad that you came here. I'm glad you're here legally in that you love the country and people who are here legally and who loved this country, don't like illegal immigration. They just don't absolutely I agree with that. That is a fact all my the majority of my family are here in the country. They all came legally, we waited priming. I took about twenty years for her three came to become. Just the risk in five years to become a citizen. So we know it takes a long time. It's a lot of word of people work is very bureaucratic. But it's the way way to do it. And hopefully that will get better for you know, because want to come here legally. But you know, we I especially MS thirteen and gangs like who wants that in a country who wants that in the country you and I agree Lewis. I appreciate your call today. I think that's a very very well said carry saw that video is that nuts. Just watch what is going on and come on? And I'm a I'm a guy that has covered hurricanes. I've stood out in hurricanes, and I'm not a small guy. So I mean, if it doesn't blow me over I don't pretend like it's blown me over this clearly. Yeah. Come on well to one of two things happen there. And I'll tell people that you could correct me if I'm wrong, there's a reporter for the Weather Channel do standing out in the middle of where Hurricane Flora tonight. Tropical storm Florence is hitting and he's he's acting as if he's about to go flying. He's doing everything he can to stand up, and there are a couple of dudes in shorts walk behind a vicious walking fine. Now. That's that's exactly what happened right? That's crazy. Right. So a couple of things are at play here one. He's got to eat a burger to that light. Or he's a big fat lawyer could be that too. Could be a liar liar. I have no idea. Eight eight eight nine four one pags. It's a free speech, Friday, whatever's on your mind is going to be fair game. I wonder how you feel about whether people should evacuate when a hurricanes on the way. And if they decide not to should EMS and emergency services be put at risk to go and save your ass. Great. What do you think of Houston? Hey, brother. I'll tell you what I think I think if you decide to write a storm out and you avoid an evacuation decided not to go you're taking your life in your own hands and you forfeit your right for rescue. Yeah. I would agree with you. I somebody comment on Twitter though, Greg tell me what you think about this. They say, yeah. But the authorities won't let you get back you if you do leave, and they they let looters in before they let the homeowners, and what do you think of that response? Well, look better Houston. I wrote out Ike and answer the flood last year I've been through it. I've lived at two different times. And nothing's worth your life. Doesn't make any difference. If somebody breaks into your house is still your crap not worth your wife or your children. Make stupid decisions over monetary things. It's you, and I agree, my friend. I wholeheartedly agree with them. Now having said that we did right out David in the late nineteen seventies. I don't know what category. David was like a one or something. But either way it was still a hurricane. But we were so far inland in Florida that I mean, if we were on the coast, we would have left, but we weren't we we were several miles in a more suburban residential area. And what we did we walked around we cleaned up debris in the neighborhood. Make sure that we can go flying through windows, we had to put plywood up on the windows. And so when people have storm shutters these days. But yet rotting out doesn't make any sense. Your your crap is Greg says can be replaced and we'll be replaced. You know, that's why we have insurance. What what about my sentimental this? And that if it's that important, take it with you. But you can't enjoy it if you're dead carry my overstating that of your joy. No, you can't you can't. So you're saying if you're dead, you can't go and enjoy that picture that you've saved right nineteen. That's right. That's weird. It is eight eight eight nine four one pags joepags dot com. Jennifer these on line five. Hi, jennifer. What's going on? I'm good, it's raining and gross outside. But careful. That's right here. It's nasty up. You careful. It is. The whole evacuation. We've seen this time and time again with natural disasters and things like that. We see what happens when people decide not to go. And then our first responders are going and risking their lives. Some of them don't make it out. And I think that these folks that don't listen and don't do as they're told her there requested or recommended they should be held accountable. I it's it's ridiculous. I don't I don't understand what's about processes. Well, I don't either. And again, I mean, I remember when the said if you're not gonna leave we're not gonna come and save you put your social security number on your arm in a sharpie pen. So we can identify you afterwards. I mean, and that wasn't scaring people to leave. So you've gotta take personal responsibility. That's really what I believe. And I don't know if there's any there's no gray area here for me. Now, black and white. All right, Jennifer, appreciate you be careful is it's awfully is still raining in San Antonio property. Yeah. It is. Chevy and some careful on the way home it's going to be all day tomorrow too. I think so. Yeah. Because we're getting some of that that tropical disturbance in the goal from the Gulf war. He's not really Florence Florence. It's what's in the Gulf right now. Okay. So be careful out there. No matter where you are be careful. It's rainy section of the country from the east coast all the way around to the to the to the south west me, very very careful because again in my part of the country in San Antonio where we are in Texas. You know, we don't get a ton of Houston does because you're closer to the coast and many many are listening in Houston. But more south central Texas. We don't get that much. Right. And all of a sudden, it's raining all the time now and the rotor slickest can be quick break. Here we come back. We'll update you on the brick Cavanaugh story. The Democrats think they got him the got him. And they're talking about some some allegation from thirty five years ago. I've got a pags parody about Kavanagh's wells writer. You're listening to joepags. The drive with Steve Jack, Ryan nobles Washington. Correspondent for C N N case scenario for President Trump even very much hopeful that with. Afternoons here on FM news, talk radio one zero three five and ninety four five. Ks are news talk radio north county. One three five South County ninety four five s r. Oh. Lawrence settling again for an unwelcome spell over the Carolinas Fayetteville North Carolina now bearing the brunt of the tropical storm on top of the saturating rains, damaging winds. There are widespread power outages to schools in Fayetteville being used as evacuation centers have lost power the Cumberland county. Hurricane info line is down. As are the phones in the emergency operation center and joint information center nine one one is still functioning Ryan burrow, ABC news, Fayetteville North Carolina, at least five deaths are blamed on the storm, South Carolina is also beginning to feel the full effects of Florence. Governor. Henry McMaster warning residents things will get worse patience. We're gonna have to be careful full time. And then we will have to deal with a lot of water after the winds. Leave officials in both states urging people who evacuated not try to come home with continuing coverage tropical storm Florence. Daria Albinger, ABC news. I'm Tom Busby. CNBC scandal at CalPERS. It turns out the chief executive of California's three hundred fifty billion dollar public employees pension fund doesn't have a college degree her. Hiring announcement for MARCY frost, two years ago said she was working on a degree. But apparently hasn't taken any classes in eight years on Wall Street today. Some early gains got a race after President Trump ramped up his tariffs threats against China. The Dow ending eight points higher the NASDAQ down three consumer confidence is up this month because more of us are working, but retail spending in August, barely budged as we bought fewer cars, clothing and furniture. Amazon CEO Jeff Bezos says he'll announce the winning city for that five billion dollar second headquarters by the end.

Twitter Trump Houston president Facebook Jennifer Florence Ann Lewis Greg Iowa Shannon Brighton Texas David San Antonio Lewis Fayetteville Tom Busby Henry McMaster San Antonio