Centaurus' Arnold Backs Calif. Pension Reform Group

Aug 15 2011 | 1:15pm ET

Centaurus Advisors' John Arnold lives in Texas, but he's taken a keen interest in California's pension system.

Arnold and his wire, Laura, have given $150,000 to a California group that is pushing for changes to the state employee retirement plans in an effort to limit its obligations.

"Our attention to pension reform is not California-specific," Meredith Simonton, a spokeswoman for the Laura and John Arnold Foundation, told Bloomberg News. "We chose to get involved there because there are people who are engaged and choosing to illuminate the problems and address possible solutions."

The Arnolds' beneficiary, the California Foundation for Fiscal Responsibility, is advocating individual retirement savings accounts for California employees, benefit limits and an increase in the minimum retirement age.

"I'm looking to avoid the fights we’ve seen in Wisconsin and New Jersey," the group's head, Marcia Fritz, told Bloomberg.

The donation to the California group is part of the Arnolds' pledge to give away the bulk of their fortune.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of