Accountability JournalismThursday, August 13, 2026
The Public Record
FINANCEONGOING

The Pension Gamble

$800 million in losses. Trustees who voted yes had just been paid.

Opened March 2026
Updated June 10, 2026
1 documents · 392 pages
Key Findings
—$14 billion fund managing retirement savings for 340,000 public employees
—$800 million in estimated losses on high-risk alternative investments
—11 of 14 investment approvals preceded by payments to approving trustees
—$1.2M in undisclosed payments identified across 7 trustees
—Alternative investment allocation grew from 8% to 31% during review period

State pension fund trustees approved high-risk investments that have since lost an estimated $800 million — and in 11 of 14 cases, at least one approving trustee had received payment from the investment firm within 90 days of the vote.

Investigations

1

Source Documents

1
PUBLIC RECORD
State Pension Fund Investment Approvals 2019–2023
392 pages · 19.1 MB · June 8, 2026
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