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The nation's two largest public pension funds Monday reported double-digit annual returns from rising stock and real estate prices. The California Public Employees' Retirement System banked a 12.5 percent return and the California State Teachers' Retirement System earned 13.8 percent. (File photo: A sign stands in front of California Public Employees' Retirement System building in Sacramento, California).
The state's public employee retirement system, CalPERS, is facing yet more backlash from pensioners. A new lawsuit claims the agency "intentionally" misled more than 100,000 policyholders by promising benefits it can't deliver.
Those benefits involve something known as long-term care insurance. Chad Terhune covered this for the Los Angeles Times. He joins the show to explain.