Investigate hiring of CalPERS CEO, John Chiang says
California State Treasurer John Chiang on Wednesday called for an independent investigation into the hiring of CalPERS Chief Executive Officer Marcie Frost to resolve questions about whether she misinformed the $360 billion pension fund when she applied for her job.
Chiang stressed in announcing his call for an investigation that he has a “favorable opinion” of Frost. He worries, he says, that the questions about Frost will discredit the pension fund if they are not addressed in a manner that restores public trust.
As state treasurer, Chiang is a member of the CalPERS Board of Administration. He joins CalPERS board member Margaret Brown in calling for an investigation into Frost’s hiring.
Other board members have said they were well aware of Frost’s credentials when they hired her and have reiterated their support for her in public comments. Chiang was on the board in 2016 and voted to hire Frost. Chiang through a spokesman declined to say whether Chiang felt misled by Frost.
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CAL PERS was once the MOST solvent retirement system in the nation. Decisions to limit investments for political purposes has limited the ability for it to sustain the mantle of MOST SOLVENT.
This investigation is necessary to all beneficiaries of the retirement system to maintain or regain the faith in the system.