Equity holdings fall by 22% in 20 years as pensions turn to alts in search of alpha.
Plans, like the New England Teamsters', covering 1.4 million people are underfunded by $56.5 billion.
Asset value of sector is more than twice the country’s GDP.
Patrick McLarry admitted to stealing £250,000 from pension plan he oversaw.
Former board member J.J. Jelincic protests the October 17 election, claims CalPERS team plotted to thwart his candidacy.
The state, facing a big shortfall in its own retirement programs, tries to eke out savings from municipal plans.