Re "Finally, charges for malfeasance within CalPERS" (Editorials, March 20): CalPERS agrees with The Bee's editorial board that the indictments this week against two former CalPERS officials are a long time in coming and are welcome news, but the suggestion that some of our current board members should now "be held accountable" is misplaced.
California’s taxpayers and public employees have been well served by the current leaders of our board. The editorial fails to acknowledge that it was the leadership of our current board, including President Rob Feckner, that guided CalPERS through this crisis to clean things up and make the pension system stronger, more accountable and more transparent.
Our special review makes this very clear, stating that "the current members of the CalPERS Board and senior staff have taken significant steps to put this chapter behind them and to safeguard the institution.” There were no limitations placed on those conducting the review and they considered more than 70 million pages of information collected from more than 400 individuals within CalPERS and from more than 140 interviews. The review continues by stating that the “courage (of current board members) in undertaking a self-critical review of this nature and scale, and their willingness to implement the many changes needed to address all that was revealed was exemplary, a standard that other pension funds would do well to follow.”
The CalPERS board has acted responsibly and implemented numerous reforms to make CalPERS a stronger and more transparent organization. It should be commended for their work. We have moved beyond the past and are placing our focus on ensuring our members and taxpayers have a sustainable pension system. The media should as well.
-- Robert Udall Glazier, Sacramento, deputy executive officer, CalPERS
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