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BUSINESS
June 20, 2013 | By Chad Terhune, Los Angeles Times
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.
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BUSINESS
May 6, 1994 | DEBORA VRANA, SPECIAL TO THE TIMES
The nation's largest public-employee pension fund said Thursday that it will invest $20 million in a 2,500-home, master-planned development in south Orange County as part of its program to help create housing in California. The California Public Employee Retirement System, known as CalPERS, with $80 billion in assets, has created a joint venture with the Santa Margarita Co., the master developer of Rancho Santa Margarita.
CALIFORNIA | LOCAL
June 18, 2012 | By Jeff Gottlieb, Los Angeles Times
Having already dramatically cut the pensions of Bell's two former top officials, the state retirement system has sliced their retirement checks further, ruling they are not entitled to five years' worth of credit they bought for themselves with city funds. Robert Rizzo, Bell's former chief administrative officer, and Angela Spaccia, the former assistant chief administrative officer, were sent letters by the California Public Employees' Retirement System on June 6, notifying them of the decision.
BUSINESS
August 19, 1991 | Anne Michaud, Free-lance writer
Recently, officers of the California Public Employees' Retirement System bluntly warned business leaders: Oppose Gov. Pete Wilson's plan to use part of CalPERS' $63.5 billion in assets to balance the state budget or face "economic sanctions." The letter awakened the public to a sleeping giant, said Keith Bishop, an Irvine attorney who was appointed recently to the state Senate's Commission on Corporate Governance.
BUSINESS
August 21, 1991 | SCOT J. PALTROW, TIMES STAFF WRITER
The California Public Employees' Retirement System, one of the nation's largest pension funds, said Tuesday that it will suspend trading U.S. Treasury securities with Salomon Bros. Inc., the scandal-plagued Wall Street investment firm CalPERS, which manages a $64-billion pension fund for state workers, said its board took the action to express "outrage and disappointment" in Salomon's illegal activities. Salomon has admitted breaking the rules at Treasury market auctions.
BUSINESS
November 9, 2009 | Tom Petruno and Stuart Pfeifer
For much of the last decade the California Public Employees' Retirement System cultivated the image of a cutting-edge pension fund -- pouring billions of dollars into potentially lucrative but high-risk investments, hounding companies to rein-in executive pay and championing financial security for government workers. Now, CalPERS finds itself caught in a maelstrom of troubles that threatens its reputation as the gold standard for public pension funds. Slammed by huge investment losses in last year's meltdown of financial markets, the nation's largest public retirement plan faces questions about its long-term ability to make good on the benefits it owes more than 1.6 million workers, retirees and their families.
BUSINESS
May 28, 2010 | By Marc Lifsher, Los Angeles Times
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.
BUSINESS
January 15, 1992 | JUBE SHIVER Jr., TIMES STAFF WRITER
In a development that could breathe new life into the nation's moribund home construction industry, the California Public Employees' Retirement System said Monday that it would become one of the first public employee pension funds in the country to invest in single-family residential development.
BUSINESS
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.
BUSINESS
September 17, 2011 | By Marc Lifsher, Los Angeles Times
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.
BUSINESS
July 29, 2011 | By Walter Hamilton and Stuart Pfeifer, Los Angeles Times
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.
BUSINESS
May 24, 2011 | By Marc Lifsher, Los Angeles Times
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.
BUSINESS
March 17, 2011 | By Marc Lifsher, Los Angeles Times
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.
BUSINESS
October 12, 2010 | By Marc Lifsher, Los Angeles Times
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.
BUSINESS
May 28, 2010 | By Marc Lifsher, Los Angeles Times
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.
BUSINESS
May 7, 2010 | By Marc Lifsher, Los Angeles Times
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," Atty. Gen. Jerry Brown said at a news conference Thursday. "Other things could follow." Brown said that information from his office's investigation or independent investigations could result in more lawsuits or criminal indictments from a local district attorney, the Fair Political Practices Commission or other law enforcement agencies.
BUSINESS
May 7, 2010 | By Marc Lifsher, Los Angeles Times
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," Atty. Gen. Jerry Brown said at a news conference Thursday. "Other things could follow." Brown said that information from his office's investigation or independent investigations could result in more lawsuits or criminal indictments from a local district attorney, the Fair Political Practices Commission or other law enforcement agencies.
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