The California Public Employees’ Retirement System (CalPERS) took another step to expand transparency by posting on the CalPERS website travel costs and statements of economic interests submitted by Board Members and key staff personnel.
“This action will help ensure that our business is conducted in an open, impartial and fair way,” said Rob Feckner, CalPERS Board President.
Under the new website transparency policy, the travel information will be posted online within one month of the date of reimbursement. The statement of economic interests – known as Form 700 – will be posted by the end of the month following the month in which the filing is received by CalPERS.
Besides Board Members, the policy applies to CalPERS Executive Staff and those employees required to file under California Government Code 87200. The new policy takes effect January 1, 2011.
Both sets of documents will be kept online for at least three years.
“We have taken a number of concrete steps to restore confidence and accountability and to make sure that we’re guided by the highest ethical standards, and we hope this additional action will further enhance confidence in our System’s decision-making,” said Anne Stausboll, CalPERS Chief Executive Officer.
Other measures taken in the past 18 months include:
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Establishing new rules for communication between Board Members and staff about investment proposals;
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Granting new authority to discipline Board Members who violate policy;
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Launching an outside special review to ensure CalPERS has not been victimized by placement agents and their large fees;
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Banning gifts to employees from business partners and potential business partners;
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Creating an Ethics Helpline for reporting concerns about possible workplace misconduct.
CalPERS is the largest U.S. public pension fund with approximately $218 billion in assets. It administers retirement benefits for more than 1.6 million active and retired State, public school, and local public agency employees and their families. For more information about CalPERS, visit www.calpers.ca.gov.
