California moves on ethics rules for board

The California Public Employees’ Retirement System (the country’s largest pension fund) took action on ethics rules yesterday and the press release is here.

At its December meeting, the 13-member Board tightened rules regulating its interaction with CalPERS staff concerning investment proposals and gave the Board President authority to discipline members whose actions violate policy. Board Members also will be required to attend annual training sessions detailing their responsibilities to fund participants and beneficiaries.

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