Calpers understated investment consultant expenses

https://www.nakedcapitalism.com/2020/09/calpers-cooks-its-books-grossly-understated-investment-consultant-meketas-expenses-in-annual-financials-made-a-criminal-false-account-by-burying-the-cost.html One of CalPERS’ most visible outside advisors is its private equity consultant Meketa Investment Group. Reports to the board about CalPERS’ outside contracts showed payments to Meketa of over $1 million across the last two fiscal years. Yet CalPERS’ CAFRs for those two years showed payments to Meketa of only $78,000 in one year, the fiscal year ended June 2019, and none the previous year, even though Meketa received fees from CalPERS in both years. https://www.calpers.ca.gov/docs/forms-publications/cafr-2019.pdf