CalPERS investment committee will examine its member home loan program again next week, with staff recommending the full board ax the program. Given the hassle of administering the program, the small number of members who use it and the growing number of failed loans, it's a bad deal for CalPERS, according to this November assessment.
The Bee's Dale Kasler reported that the board was set to vote on the program last month but backed off after President Rob Feckner said CalPERS' members should be better informed before any decision is made.
The fund held a meeting on Dec. 3 for "employee groups and key stakeholders," according to this report by Affiliate Investments Program Division Chief Geraldine Jimenez. That followed a mass e-mail sent on Nov. 19 to employers that laid out the situation and invited questions.
The investment committee will hear about the feedback from those outreach efforts next Monday. If the board follows the staff recommendation, the fund will stop accepting new loan applications right away but mortgages already in the pipeline would be completed.
PHOTO: CalPERS headquarters in Sacramento / Sacramento Bee file.
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