By Marlene Y. Satter
Anne Stausboll, chief executive officer of the California Public Employees’ Retirement System
(CalPERS), has announced that she will retire as the head of the largest public pension fund in the country on June 30, 2016.
Stausboll served as CalPERS’ chief investment operating officer since 2004, during which time she was twice tapped to be interim chief investment officer. She also worked in the pension fund's legal office for six years as a staff attorney and deputy general counsel.
Stausboll was appointed in January of 2009 to her current position, and will have served more than seven years as CEO by the time of her retirement.
When she took the post, CalPERS had lost nearly 30 percent of its investment assets in the wake of the Great Recession
and was also involved in an ethics scandal by former officials, including its former CEO.
During her tenure, Stausboll oversaw growth of CalPERS’ investment assets from $170 billion to more than $275 billion.
In addition, she has presided over numerous ethics, transparency, and internal control actions.
Among those actions were reforms and laws related to placement agents; implementation of a risk mitigation policy and an asset liability management program to ensure the long-term sustainability of the pension system; and the incorporation of environmental, social and governance factors within its investment portfolio
In its most recent annual report, CalPERS reported that its funding level fell 3 percent for the fiscal year ending June 2015.
Contributing to the drop were a strong dollar, which impacted returns in international equities; short-term market volatility and “tepid global economic growth.” Its funded status is now at 73.3 percent, according to that report, and its total value $301 billion.
Originally posted on BenefitsPro.com