An independent investigation into the California Public Employees' Retirement System (CalPERS), the largest public pension fund in the USA, revealed that the fund's approximately 2.4 million members are at risk due to secrecy, chronic poor performance, hidden investment costs, and conflicts of interest. The fund's $630 billion in assets ranked in the lowest 15% among 230 public pension funds in the USA over five- and ten-year periods. The investigation noted that 9% of the fund is in so-called 'zombie funds,' former private equity partnerships that struggle to sell the companies they invest in and provide almost no returns to investors. Additionally, it was shared that fund employees receive high salaries despite performance, with four executives earning more than $1 million annually and others earning between $500,000 and $900,000. CalPERS CEO Marcie Frost dismissed the report as baseless claims, stating that the fund's performance has improved in recent years and salaries have been reduced by 35%. However, experts and fund members emphasize that the lack of transparency and potential hidden costs pose serious risks. As demands for independent audits and transparency increase, some experts advocate for the establishment of an independent auditor board to oversee all state pension funds.