The Board of Administration of the California Public Employees’ Retirement System (CalPERS) has chosen Cooperative Personnel Services (CPS) to help recruit a new Chief Executive Officer (CEO) for the $220 billion pension fund.
CPS, based in Sacramento, California, provides executive recruitment and other human resource services to public, government and non-profit clients in the western United States. The firm has completed more than 1,600 recruitments since its formation in 1986. CPS will work with CalPERS Human Resource staff to provide support to the Board of Administration during the recruitment process.
“CPS has a proven track record of assisting with a process of recruiting strong candidates for State and local government positions,” said Rob Feckner, President of the CalPERS Board of Administration. “Our Board looks forward to making a selection by the end of the year.”
The CalPERS Board is looking for a candidate with broad and extensive management experience in a large organization with multiple lines of business and strong leadership skills.
Under the policy direction and delegated authority of the CalPERS Board, the CEO has overall responsibility and management of the System consistent with the Board’s policies.
The CEO oversees the System’s 2,300 employees, a budget of more than $332 million, and plays a critical role in helping the Board set and achieve its long-term goals. The System’s operations include health and retirement benefits administration, investments, actuarial and employer services, supplemental retirement programs, a long-term care program, government affairs, stakeholder relations, and numerous support functions.
The position was vacated in June 2008 with the retirement of the last CEO. The current day-to-day operations of the System are being administered by Interim CEO Kenneth W. Marzion.
Under the direction of the 13-member Board of Administration, CalPERS provides retirement and health benefits to 1.5 million public employees and retirees, pays out more than $10 billion in retirement benefits annually and is the third largest purchaser of health benefits in the nation.
The System operates 17 funds, including five defined benefit pension funds, a post-employment retiree health benefit fund, four defined contribution pension funds, four proprietary funds and three agency funds, and serves the State of California and more than 2,600 contracting local public employers.
For more information about CalPERS, visit www.calpers.ca.gov.