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Podcasts Take Two
CalPERS faces lawsuit for misleading policyholders
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Aug 7, 2013
Listen • 5:56
CalPERS faces lawsuit for misleading policyholders
A new lawsuit claims the agency "intentionally" misled more than 100,000 policyholders by promising benefits it can't deliver.
File photo: A sign stands in front of California Public Employees' Retirement System building in Sacramento.
The nation's two largest public pension funds Monday reported double-digit annual returns from rising stock and real estate prices. The California Public Employees' Retirement System banked a 12.5 percent return and the California State Teachers' Retirement System earned 13.8 percent. (File photo: A sign stands in front of California Public Employees' Retirement System building in Sacramento, California).
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Max Whittaker/Getty Images
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A new lawsuit claims the agency "intentionally" misled more than 100,000 policyholders by promising benefits it can't deliver.

The state's public employee retirement system, CalPERS, is facing yet more backlash from pensioners. A new lawsuit claims the agency "intentionally" misled more than 100,000 policyholders by promising benefits it can't deliver.

Those benefits involve something known as long-term care insurance. Chad Terhune covered this for the Los Angeles Times. He joins the show to explain.