Statement from Board President Henry Jones on CIO Resignation
August 6, 2020
Communications & Stakeholder Relations
(916) 795-3991 - email@example.com
SACRAMENTO, Calif. – Yu (Ben) Meng played an important role helping to reshape CalPERS’ Investment Office, build a strong team, and prepare the fund for the future. We respect Ben’s decision to resign and wish him well as he focuses on his health, his family, and moves on to the next chapter in his life.
CalPERS achieved a 4.7% return in fiscal year 2019-20 during the most volatile market conditions in our country’s history. This is a testament to the dedication of our team and the strength of our plan. We beat our benchmark of 4.3%, and the Wall Street Journal has reported that public pension funds returned an average of 3.2%. This significant achievement is the result of a great team effort.
CalPERS has known about questions regarding Ben’s Fair Political Practices disclosure filings. These are private personnel matters and already have been addressed according to our internal compliance protocols.
CalPERS is moving forward and recruiting a new chief investment officer. A board meeting has been scheduled for August 17 to discuss personnel matters. In the meantime, our organization remains focused on providing retirement security to members and supporting our employer partners.
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 2 million members in the CalPERS retirement system and administers benefits for more than 1.5 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS' total fund market value currently stands at approximately $409 billion. For more information, visit www.calpers.ca.gov.