Investment officers at the California Public Employees’ Retirement System (Calpers), the largest public pension in the U.S., saw a 12 percent cut in their bonuses this year due to poor stock market performance that dragged down returns. Meanwhile, wages for the executive staff were frozen. According to Calpers data, the pension distributed $3.6 million in performance bonuses among 55 investment officers, down from $4.1 million last year. The sums are based on investment results over three years, including a 1 percent return last year and 21.7 percent a year earlier.
The IRS still has the authority to impose fines on nonfilers.
The law affects access to policy loans for insureds who are getting LTC-related accelerated death benefits.
The latest move by an Iowa pension group comes about a week after investment advisor Ken Fisher made lewd remarks at an industry event.
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