CalPERS Shoots Itself in the Foot: Undermines Its Position in Insolent Letter Demanding JJ Jelincic Drop His Case Against Secrecy Abuses

Excerpt:

As you can see below, CalPERS issued more ultimatums: drop the suit and provide what amounts to a document retention request to the board member that provided his notes to Jelincic.

And why should Jelincic withdraw his case? The argument is the legal version of a pratfall. Jelincic told he is liable for “aiding and abetting” an alleged breach of fiduciary duty by a a board member and interfering with CalPERS’ contract with said board member.

First “aiding and abetting” exists only in a criminal context. Even if there were actually a there there, please tell me what universe a prosecutor is going to saddle up to go after a CalPERS board member over a dispute over a clearly improperly noticed board meeting….and charge Jelincic too?

Second, the only fiduciary duty the board has is to beneficiaries. The reason California has such strong transparency laws is that its default is that secrecy is bad for the public and is not allowed unless there are compelling arguments on the other side.

Author(s): Yves Smith

Publication Date: 25 March 2021

Publication Site: naked capitalism

CalPERS seen weighing proposal on rule changes for hiring, firing of CIO

Link: https://www.pionline.com/pension-funds/calpers-seen-weighing-proposal-rule-changes-hiring-firing-cio

Excerpt:

The CalPERS board is looking at a change in the way it will decide who replaces Yu ‘Ben’ Meng as CIO of the fund.

CalPERS board is expected to weigh a move that would modify a recent governance change calling for the full board in conjunction with the CEO to hire, evaluate and terminate the pension fund’s CIO.

Author(s): ARLEEN JACOBIUS

Publication Date: 23 February 2021

Publication Site: Pensions & Investments

California pension funds learning from experience; Flexibility is key lesson from plans’ pandemic struggles

Link: https://www.pionline.com/pension-funds/california-pension-funds-learning-experience

Excerpt:

Marcie Frost said CalPERS got an early warning about the coronavirus from its outgoing CIO.


CalPERS and CalSTRS have been working to keep their plans upright and positioned to attain their expected rate of returns in unprecedented economic, social and political conditions.

Author(s): Arleen Jacobius

Publication Date: 25 January 2021

Publication Site: Pensions & Investments