September 17, 2011 |
At nearly twice the estimated cost and a year late, a new computer system for the state's giant public pension fund is scheduled to go live Monday, tracking the contributions, healthcare coverage and retirement benefits for 1.6 million members. Officials at the California Public Employees' Retirement System hope the complex $507-million project, dubbed My CalPERS, will work as planned, though they expect start-up problems with software. "It won't be perfect on Day 1, but we do have a solid plan for continued improvement," Karen Ruiz, the fund's project manager, told the CalPERS board last week.
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.
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.
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.
October 12, 2010 |
California's public pension fund severed ties Monday with a major investment manager that had close ties to Alfred J.R. Villalobos, the former pension fund board member who is now accused of fraud. Pacific Corporate Group of La Jolla oversaw $2.5 billion worth of investments by the California Public Employees' Retirement System. The decision to end the relationship "is part of our systematic restructuring of our private equity program to reposition our assets and focus on improved performance, accountability and transparency with our partners," Joseph Dear, CalPERS' chief investment officer, said in a statement.
May 28, 2010 |
Investment intermediary Alfred R. Villalobos, seeking to overturn a judge's freeze on his assets, said he did nothing illegal and did not harm California's largest public pension fund when he brokered investment deals that netted him more than $47 million in commissions. "Not a penny" of the commissions paid him from 2002 to 2008 came from the California Public Employees' Retirement System, Villalobos said in his first public response to a securities fraud lawsuit filed by Atty.