By Kristin Montgomery, Controller, Financial Reporting & Accounting Services Division, California Public Employees’ Retirement System (CalPERS)
One of the primary components of treasury management is to ensure adequate liquidity to meet funding obligations. As pension funds across the US face increasing risks with uncertain market returns and changing demographics, the California Public Employees’ Retirement System (CalPERS, the nation’s largest public pension fund with more than $300bn in assets) developed the Treasury Management Program (TMP) to mitigate uncertainty and provide relief to liquidity challenges.
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