Orange County had a chance three years ago to join the California Public Employees' Retirement System. Instead, county leaders stayed with a small Orange County pension fund, and now they feel vindicated for their stay-local strategy. http://online.wsj.com/article/SB125565081254388929.html#mod=todays_us_page_oneOrange County learned a lesson from questionable management in the early 90’s, unfortunately California Public Employees’ Retirement System (CALPERS) didn’t! The real pain will now be felt by the tax payers of this state!
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