The nation’s largest public pension fund has a retention problem, an especially pressing issue given the deep hole it and other retirement plans are in.
The California Public Employees’ Retirement System has burned through six chief investment officers over the past two decades. Its most recent investment chief, Ben Meng, lasted just 19 months.in the midst of questions about whether his personal investments created a conflict of interest. Elsewhere, investment chiefs stay for six to seven years on average at the 25 largest U.S. pension systems, according to 2018 research by Funston Advisory Services, a governance consultant.
Calpers is hoping to find a replacement by early next year and is trying to get on a longer-term footing.
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