Why did CalPERS stick with tobacco ban?

By one estimate, CalPERS has missed out on $3 billion in financial returns by refusing to buy tobacco stocks. But the pension giant decided in 2016 to stick with the ban despite a recommendation from its staff that the ban be relaxed.
By one estimate, CalPERS has missed out on $3 billion in financial returns by refusing to buy tobacco stocks. But the pension giant decided in 2016 to stick with the ban despite a recommendation from its staff that the ban be relaxed.
Dan Walters

Dan Walters

Observations on California and its politics

Reality penetrates California’s public employee pension system, but not far enough

January 02, 2017 12:01 AM

About This Blog


Dan Walters’ column appeared in dozens of California newspapers. He joined the Sacramento Union’s Capitol bureau in 1975 and in 1981 began writing the state’s only daily newspaper column devoted to California political, economic and social events. In 1984 he moved to The Sacramento Bee, where his column ran until 2017.