California Public Employees Retirement System

News & Analysis as of

S&P Settles RMBS Lawsuits for $1.375 Billion

On February 2, Standard & Poor’s Ratings Services settled claims brought by the Department of Justice, 19 states and the District of Columbia related to credit ratings it issued and maintained for RMBS and CDOs before the...more

California Public Employees’ Retirement System Settles with Credit Rating Agency

On February 3, the California Public Employees’ Retirement System (CalPERS) announced a $125 million settlement with a large credit rating agency and its parent company to resolve charges made in connection with the agency’s...more

Bankruptcy Court Decides That The Bankruptcy Code Preempts California State Pension Laws

In a February 4, 2015 opinion, the bankruptcy judge presiding over Stockton, California's Chapter 9 municipal bankruptcy case approved Stockton's bankruptcy plan of adjustment. In re City of Stockton, 2015 Bankr....more

CalPERS Members Impacted by Anthem Blue Cross Cyber-Attack

Anthem Blue Cross, one of the nation’s largest health insurance providers, announced last week that it was the target of a cyber-attack in which attackers gained unauthorized access to its IT systems and records....more

CalPERS Continues To Take Shots At The Press

I continue to be shocked at CalPERS’ vitriolic approach towards the press. In the last 12 months, CalPERS has taken on The Wall Street Journal, Fox News, several California metropolitan newspapers, several local newspapers,...more

CalPERS’ Commitment to Infrastructure (Real Assets Annual Program Review, November 2014)

On November 17, 2014, the California Public Employees’ Retirement System (CalPERS), the largest U.S. public pension fund with approximately $300 billion in assets, conducted its annual real assets program review. CalPERS’...more

Muzzling Directors Who Don’t Agree

In September, the California Public Employees’ Retirement System (CalPERS) selected Theodore “Ted” Eliopoulos as its Chief Investment Officer. This appointment was unanimously approved by the members of the Board of...more

Blog: California Bankruptcy Judge Rules that State Law Does Not Protect Pension Fund from Municipal Bankruptcies

On October 1, a bankruptcy judge ruled that the pension agreement between Stockton, California and Calpers, California’s massive state-run pension fund for public employees, is an executory contract that can be rejected in...more

From Competitors to Co-Adventurers, Seven Hospital Systems Join with Anthem Blue Cross to Shake Things Up in Southern California

Anthem Blue Cross and seven competing hospital systems in Southern California are joining forces to establish a new health plan offering, Vivity.[1] Operating with a combined 14 hospitals and approximately 6,000 physicians,...more

For Some CalPERS Employers, Withdrawing from CalPERS is Not Feasible, So Why Not Look at Alternatives?

An article published in Thursday’s edition of The Bond Buyer highlights a rising concern of counties, cities and special districts that provide retirement benefits to their employees through the CalPERS pension plan: That,...more

Vote-Counting Standards: A Recipe for Confusion?

Shareholder voting standards was a hot topic this proxy season and will likely continue to be of significant interest next proxy season and in subsequent years. This proxy season, shareholders submitted various proposals...more

Commissioner Rings Pension Fund Tocsin

In a speech given late last month, SEC Commissioner Daniel M. Gallagher warned that “for years, state and local governments have used lax governmental accounting standards to hide the yawning chasm in their balance sheets.” ...more

Those Who Hold Themselves Apart Seem To Be Getting All The Attention

Who knew that abstentions were so newsworthy? Here are three recent news stories involving abstentions at annual meetings...more

CalPERS Allowed To Continue Rating Agency Suit

In 2009, the California Public Employees’ Retirement System filed a lawsuit alleging negligent misrepresentation and negligent interference with prospective economic advantage against Moody’s Investors Services, Inc., Moody’s...more

Why Urge Pay For Performance And Then Ignore Performance?

CalPERS’ Global Principles of Accountability for Corporate Governance declare: Compensation programs are one of the most powerful tools available to the company to attract, retain, and motivate key employees to...more

CalPERS Proposes To Amend Global Principles

Next Monday, the Investment Committee of CalPERS’ Board of Administration is scheduled to consider several amendments to CalPERS’ Global Principles of Accountable Corporate Governance. Among other changes, the committee will...more

CalPERS Declares Wall Street Journal Wrong

The California Public Employees’ Retirement System has a well-deserved rap as a taxpayer drain. So to rehabilitate its image, the pension fund has produced a “study” purporting that public-worker pensions are California’s...more

CalPERS Proposes Conflict Of Interest Disclosure Regulation

CalPERS recently gave notice that it is proposing to adopt a new rule requiring disclosure of conflicts of interests by consultants and external managers. Under the California Administrative Procedure Act, Cal. Gov’t Code §...more

Should Corporations Conserve Water Because A Shareholder Believes It’s The Right Thing To Do?

Last month, the California Public Employees Retirement System (CalPERS) sent a letter to its California real estate and private equity managers asking that they take a number of steps to conserve water. I found CalPERS’...more

Oops! CalPERS Reportedly Violates Insider Trading Policy Again

Jon Ortiz, who writes The State Worker blog for The Sacramento Bee, recently reported that the California Public Employees Retirement System has again violated its insider trading policy by purchasing shares in an initial...more

CalPERS May Calculate Retirement Benefits for a City Council Member Separately From His Benefits as a City Employee

A city administrator-turned-elected city council member believed his retirement benefits would be based on his highest salary multiplied by all his years of service, including his years on the city council; however CalPERS...more

BB&K's Isabel Safie Discusses the Implications of IRS’ Definition of Governmental Plan Status [Video]

The IRS’ proposed rules to determine governmental plan status are impacting public agencies looking to join a CalPERS benefit plan....more

CalPERS Clarifies Rules for Hiring Retirees

Long-Awaited Guidance Details Requirements for Employing CalPERS Retirees - The rules on employing retirees of the California Public Employees’ Retirement System (CalPERS) have been subject to numerous changes in the...more

California Highway Patrol Officer Who Cannot Perform Activities Required Of All Officers Is Entitled To Disability Benefits Even...

A California Court of Appeal has found that the Board of Administration of the California Public Employees' Retirement System ("CalPERS") erred when it denied a California Highway Patrol ("CHP") officer disability benefits...more

CalPERS’ Offbeat Personal Trading Policy

Yesterday’s post discussed a news report of an SEC inquiry into insider trading by CalPERS. Rather than being abashed by this news, CalPERS responded by congratulating itself on having implemented a personal trading policy....more

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