January 15, 2010
Who profited most from CalPERS Top placement-fee earners paid by private investment firms for acting as go-betweens with the California Public Employees' Retirement System, as reported to CalPERS and released by the pension agency Thursday. The fees cover dealings with CalPERS over the last decade. 1. Arvco: $58,948,067 2. Tullig Inc.: $16,950,000 3. Donaldson, Lufkin & Jenrette Securities Corp. : $12,310,020 4. Credit Suisse First Boston Corp.
May 24, 2011 |
California's political watchdog agency has opened an investigation into gifts to state pension officials from private equity fund managers. The state's Fair Political Practices Commission is conducting the investigation, made public Monday, that focuses on executives at the California Public Employees' Retirement System. Last week CalPERS Chief Executive Anne Stausboll told administrators at the pension fund that some senior executives may have failed to report gifts properly on annual statements of economic interest filed with the state.
July 29, 2011 |
The subprime litigation nightmare that Bank of America Corp. inherited with its acquisition of Countrywide Financial Corp. was compounded Thursday when 16 investors — including the giant California Public Employees' Retirement System — brought a new lawsuit alleging that Countrywide misled them about the risks it was taking. The suit filed in federal court in Los Angeles is a setback for Bank of America, which has sought to put the subprime morass behind it by striking settlements with a range of securities holders.
June 20, 2013 |
The California Public Employees' Retirement System, the country's third-largest purchaser of health benefits, said its health insurance premiums next year would increase 3%, on average, for nearly 1.3 million members. The giant pension fund said that would mark its smallest rate increase since 1998. Premiums at CalPERS rose 9.6% this year and 4.1% in 2012. The CalPERS Board of Administration gave final approval to the rates Wednesday, and they take effect for various plans Jan. 1. "The lower rates most members will see next year are the result of successful rate negotiations with existing and new health plan providers," said George Diehr, vice chairman of CalPERS' pension and health benefits committee.
May 6, 2010 |
A state lawsuit targeting two top former officials of the California Public Employees' Retirement System could be the first in a series of state and federal actions focused on the nation's largest public pension fund. "This is not the end of this case or the end of the investigation," said Atty. Gen. Jerry Brown at a Thursday press conference. "Other things could follow," Brown said that information from his investigation or independent investigations could result in more law suits or criminal indictments from a local district attorney, the Fair Political Practices Commission or other law enforcement agencies.
March 17, 2011 |
In the wake of alleged bribe payments, the scandal-plagued California Public Employees' Retirement System has ended contract renewal negotiations with a company that administers prescription drug benefits for 300,000 members. A CalPERS internal investigation report released earlier this week alleged that Medco Health Solutions Inc. paid more than $4 million in what was called "consulting" fees to win the original contract in 2006. The money was allegedly paid in secret to Alfred J.R. Villalobos, a former CalPERS board member turned dealmaker.