Friday, 6 March 2015
Last updated 3 hours ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…