Fred Buenrostro, Chief Executive Officer for the California Public Employees’ Retirement System (CalPERS) announced today that he has set his retirement date from CalPERS for the end of the fiscal year. Buenrostro mentioned earlier this week that he intends to pursue professional opportunities in the private sector, completing a 32-year career with the State of California, the last six years as CalPERS CEO. President Rob Feckner announced that the CalPERS Board of Administration will discuss naming an Interim CEO at its May Board meeting while it conducts its search for a permanent replacement.
“I’m proud to have served the State for over three decades, and have especially enjoyed serving members, employers, staff and the CalPERS Board these past six years,” said Buenrostro. “As I move on to exciting opportunities, I hope our paths will cross again. In the meantime, I look forward to enjoying the legendary service as a CalPERS customer, and thank the entire organization for the honor to have served. I am confident that CalPERS will have a smooth transition, and I will be an advisor during that process and assist where needed.”
Feckner praised his six-year tenure. “Fred has given tremendous energy and commitment to helping the Board, and ensured that we have the best staff, the best operations, and the best customer service possible. We appreciate his willingness to assist us as we make a smooth transition. We are excited for him as he moves into the private sector, and look forward to working with him in the future.”
Buenrostro was the System’s seventh chief executive officer since being founded in 1932. Among the CalPERS achievements during the time Buenrostro served the Board and System:
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A near doubling of the market value of assets -- from $133 billion to $244 billion since 2002, with a funded status of the retirement plan today close to 100 percent funding;
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Formation of a multi-billion dollar environmental investment program aimed at achieving positive financial returns while fostering sustainable growth and sound environmental practices;
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Smoothing of employer retirement contribution rates and the creation of a trust fund for public agencies to invest funds to pay for employer retiree health care costs in the future;
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Management of the complex and challenging field of health care benefit purchasing and administration and adoption of a $700 million health investing initiative to finance services and technologies that improve the delivery, organization and financing of health care;
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Championing diversity, emphasizing the business benefits of diversity in the workplace, workforce, and investment-related marketplace;
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Expansion of leadership development, staff development, and mature succession planning processes;
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Expansion of customer service programs, including the launch of my|CalPERS – a personal, secure Web portal that allows CalPERS members to access their personal account information and to manage their pension and health benefits - and a new online retirement and financial planning education center.
Prior to being CEO, Buenrostro served more than 15 years on the CalPERS Board of Administration and 11 years on the California State Teachers’ Retirement System Board. He served as the representative to these boards for two state controllers and three state treasurers. He was also Chief Deputy Director of the Department of Personnel Administration, and served as the director’s top advisor on a wide range of policies and programs affecting state employees. He was Deputy Controller of the California State Controller’s Office (1992-1999), and Legal Counsel/Deputy Treasurer (1985-1992.) He also served as Assistant Executive Secretary of the Victims of Violent Crimes Program for the State Board of Control between 1981 and 1985.
CalPERS has assets totaling $244 billion. The System provides retirement and health benefits to more than 1.5 million State and local public employees and their families. For more on CalPERS, visit www.calpers.ca.gov.
