CalPERS

CalPERS is California's government-worker-pension-and-benefits distribution entity. Massive numbers of bureaucrats are employed by this behemoth which is the nation's largest pension fund. But it is run under government strictures so it is allowed to pay only a small fraction of what the equivalent Wall Street "best of breed" money managers earn...so as a result CalPERS is famously populated by mediocre-at-best money management people and practices and as a result has produced miserable bottom tier investing results, costing the state literally billions of dollars in lost investment returns.

For some reason, taxpayers in California haven't focused on this issue which has been arguably the most expensive financial debacle at the state level in American history. The name "CalPERS" by the way stands for "California Public Employees' Retirement System."