Thanks to a booming stock market, courtesy of the late 1990's Dot.Com bubble, these extra benefits would be paid from the incredible (but bogus) stock market returns, freeing both employees and taxpayers from the burden of funding retirement benefits.
Unfortunately, history has proven most unkind.
The full report is available here in PDF form. The PDF file was created from an original faxed copy and has been OCRed so that most of the text is searchable.
See also ...
- "Scathing report alleges corruption at CalPERS"
- "CalPers offered incentives to inflate pension funds' value"
- "Schizo CalPERS ponders apocalypse while still mocking pension ‘myths’"