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Orange County Dodged Bullet by Avoiding Calpers
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After going into bankruptcy in 1994, the Orange County Employees Retirement System, decided to be much more careful about investing. Its also run by adiverse mix of board members representing union, management and taxpayer backkgrounds. There is a tension about investing at OCERS asmany opinions are taken into account. Steve Delaney heads OCERS. He says that even when equitieswere booming OCERS stayed away from high risk equities. As aresult even as the DJ average reached 10,000 CALPERS shows a 21% loss with 63% of assets in equities, and OCERS shows a8% loss with 38% in equities. The board at OCERS accepted that it would not make big profits on the upswing and not suffer big losses on the downswing. Orange County had achance three years ago to join CALPERS but stayed with asmall Orange COunty Pension Fund and now feel vindicated for their strategy.
Orange County Employees Retirement System and CALPERS. Contrasting approaches and results.
10/16/2009
Steve Delancey and the small pension fund that runs OCERS feel vindicated with only 8% losses compared to 21% for CALPERS even as the DJ averages passed 10,000 in October 2009.
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