The news keeps getting worse for the nation’s largest public pension fund – the California Public Employees Retirement System. On Saturday, Los Angeles Times reporter Marc Lifsher reported in this story that CalPERS has adopted a policy of destroying emails after just 60 days. This is a remarkably short time period. The Securities and Exchange Commission, for example, requires investment advisers to maintain most records for five years pursuant to Rule 204-2.

What makes the story even more startling is the fact that CalPERS implemented this policy last year while allegations of misconduct were swirling about the fund. Indeed, the last year has seen allegations of misconduct are besetting CalPERS and its former and current officials on numerous fronts...

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