EDITOR: Recently, participants in the Long-Term Care Program previously offered through CalPERS started receiving their notices of an imminent 85 percent increase in premiums. The official reason for the outrageous increase was that investments supporting the Long-Term Care Program fund did not do as well as expected and there was a shortfall to be made up by premium increases.
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At the very same time as this announcement was being made, the CalPERS board of directors agreed to acquiesce to state Treasurer Lockyer’s request to have the board divest itself of $5 million of investments in gun manufacturers Smith & Wesson and Sturm Ruger. By his own admission, Lockyer’s request was made solely in response to the shootings at Sandy Hook and based on political correctness. In fact, immediately following the board vote, Lockyer is quoted as saying, “Given the portfolio dollar amounts involved, the divestment may be largely symbolic, but it is still important.”
Important to whom, Mr. Lockyer? Certainly not to those of us facing a gigantic increase in our long-term care premiums. I believe that the divestiture of profitable investments based on political correctness and not on any investment principle, is a betrayal of CalPERS to its members.
If you believe as I do, please contact CalPERS and let them know how you feel about this seeming betrayal.
ANTHONY J. ARJIL