August 5, 2020

Communications & Stakeholder Relations
Contact: Megan White, Information Officer
(916) 795-3991 -

SACRAMENTO, Calif. – CalPERS announced today that Chief Investment Officer Yu (Ben) Meng is resigning, effective August 5.

Dan Bienvenue, deputy chief investment officer, will serve as interim chief investment officer. CalPERS will start an immediate search for a permanent successor.

Meng has been CalPERS’ chief investment officer since January 2019. Under his leadership, CalPERS recently announced a fiscal year 2019-20 return of 4.7%, beating its benchmark of 4.3% during a time of extreme financial market volatility sparked by the coronavirus pandemic.

“I deeply believe in the CalPERS mission of serving those who serve California,” Meng said. “I’m proud of the work we did to change the portfolio, build a skilled Investment Office, and set CalPERS on a strong path to achieve our return target. But at this time, it’s important for me to focus on my health and on my family and move on to the next chapter in my life.”

About CalPERS

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