Long white beaches of Waikiki, the Group reflected on the crisis that threatens to wipe out the assets of their pension by the end of 2024. Between the workshops were "Top Ten Ways Foundation leaves money on the table" and "fix" funding shortfalls.
Approximately 4,500 investment managers, pension administrators and administrators attended the event at the Congress Center of Hawaii. Among them were at least nine other Bay Area Board officials, including some Trustees and a senior administrator who oversee multibillion-dollar pension funds of Alameda, Contra Costa and San Francisco counties. These pension plans, together with the San Mateo, have spent approximately $ 890,000 passengers on some staff members and Trustees from the beginning of 2008, has found the Bay of citizen.
In some counties that includes travel stays at luxury hotels, some a few miles from officials, other houses in the most exclusive destinations such as Beverly Hills. San Francisco, San Mateo and Alameda counties limit trustees ' travel in some form; Trustees of Contra Costa has no global security. Watchdog Groups say applications raise the travel expenses of decency, given that taxpayers nationwide are on the hook for shortcomings of staggering losses tied to double-digit investment. Local governments are scrambling to improve their sagging heritage through austerity measures.
While travelling expenses are reduced compared to the total assets of the Fund, watchdog groups say that they add up in a recession that has forced taxpayers to shoulder growing shortcomings.
"I believe that taxpayers would be outraged to learn that money that they are called to set aside for workers is being wasted in extravagant travel," said Marcia Fritz, President of California for fiscal responsibility Foundation, a nonprofit group that supports reform of pensions.
Trustees and administrators, overseeing the public employee pension funds in those four counties Bay Area say their journey is financed by investment returns from their funds. Critics of the counters that tax dollars help underwrite because pension funds, any dividends must be reinvested.
Under the law of the State Pension trustees have a responsibility to manage resources prudently. Fund officials say that absorb crucial strategies conferences that inform investment decisions in a volatile economy.
"A lot of great ideas coming from the dialogue which comes from the back and forth with other attendees," said Gary Amelio, Executive Director of San Francisco employees pension system.
David Bailey, Chief Executive of pension Association San Mateo County employees, concurred, saying: "The trustees spend most of their time in training. Meeting room hotel looks just like every other one. "
John Gioia, a trustee of the pension of Contra Costa and the Chairman of the Board of supervisors of the County, agreed that "there are clearly some conferences that add value."
"But when people abuse it," he added, "makes the whole system look bad."
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