Joe Dear is giving a pep talk to more than two dozen colleagues at the California Public Employees’ Retirement System. As Dear paces before his people on this July afternoon in Sacramento, he implores them to shake off the funk of the pension fund’s recent troubles.
Joseph Dear, who as chief investment officer of the California Public Employees’ Retirement System rebuilt the biggest U.S. public pension after a $96 billion loss, died yesterday in Sacramento. He was 62.
The California Public Employees’ Retirement System, the largest U.S. public pension, earned a 12.5 percent return in 2010, led by gains in private equity and U.S. stocks, Chief Investment Officer Joe Dear said.
The tax rate paid by private equity managers on much of their income, less than half that for ordinary wage earners, is an “indefensible” tax break, the chief investment officer of the California Public Employees’ Retirement System said.