California Public Employees Retirement System

News & Analysis as of

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

USGBC-NCC Launches Building Health Initiative

The U.S. Green Building Council-Northern California Chapter (USGBC-NCC), part of the organization responsible for Leadership in Energy and Environmental Design (LEED) rankings, recently launched the Building Health...more

California State Employee To Be Paid More Than $800,000

It’s Good Work, If You Can Get It According to a story by Michael D. Morois, the California Public Employees’ Retirement System recently doubled bonuses to its staff, paying an aggregate of $7.7 million to some 130...more

CalPERS Files Amicus Brief In Titanomachy With San Bernardino

In its filing, CalPERS outlines why the 11th Amendment to the U.S. Constitution protects State agencies, like the Pension Fund, from being haled into federal court against their will by a municipality, which is a creation of...more

Differing Perspectives On The SEC’s Proposed CEO Pay Ratio Rule And Who Speaks For CalPERS?

Last Wednesday, a divided Securities and Exchange Commission issued proposed amendments to Item 402 of Regulation S-K. Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the SEC to amend...more

Are These Trips Truly “Mission Critical”?

Last September, I wrote to CalPERS’ Chief Executive Officer to express my concern about travel by CalPERS’ executives. I noted that Governor Brown had issued Executive Order B-06-011 banning both in-state and out-of-state...more

CalPERS’ Warning Of Chill Goes Unheeded

Last November, Judge James P. Kleinberg of the Santa Clara Superior Court in San Jose, California ruled on motions for summary judgment in a case brought by former employees of a management company that had been retained by...more

San Bernardino Wins Its Eligibility Fight

The Chapter 9 case of the city of San Bernardino, California will proceed. After a year in limbo and a spirited fight from the California Public Employees' Retirement System (CalPERS), San Bernardino was finally able to win a...more

San Bernardino Wins Its Eligibility Fight

The Chapter 9 case of the city of San Bernardino, California will proceed. After a year in limbo and a spirited fight from the California Public Employees' Retirement System (CalPERS), San Bernardino was finally able to win a...more

CalPERS Officials Travel The World Despite Executive Order

Two years ago and in light of a daunting structural budget deficit, Governor Jerry Brown issued Executive Order B-06-011. His order banned both in-state and out-of-state travel by government agencies unless it was “mission...more

Court Of Chancery Finds CalPERS Breached Implied Covenant Of Good Faith And Fair Dealing

In a 108-page post-trial order issued a few weeks ago, Vice Chancellor Leo E. Strine, Jr. dealt a major blow to the California Public Employees Retirement System (CalPERS), Senior Housing Capital, LLC v. SHP Senior Housing...more

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