CalPERS vendors heed call to reduce fees

Published: Thursday, Sep. 13, 2012 - 12:00 am | Page 6B

CalPERS asked its vendors a month ago to cut their fees voluntarily. Dozens said yes.

CalPERS said Wednesday that 75 vendors have agreed to cut their fees a combined $657,000 in the current fiscal year.

CalPERS had suggested a 5 percent reduction, in line with the 5 percent pay cut imposed on most state workers.

The results are better than those of a similar effort in 2009, when vendors made $500,000 in fee reductions.

"I am pleased to report today that 75 of our vendors stepped up to the plate by reducing their fees 5 percent or more," said CalPERS Chief Executive Anne Stausboll in a news release.

The pension fund's annual budget is $334 million.

– Dale Kasler

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