Top executives at CalPERS whose base salaries can top $300,000 a year will learn on Tuesday whether they can count on a raise.
The California Public Employees’ Retirement System is scheduled to consider giving raises of up to 5 percent to a handful of leaders and fund managers.
The group includes General Counsel Matthew Jacobs, who earns $338,000; and Chief Operating Investment Officer Wylie Tollette, who earns $378,000.
The packages are based in part on a biannual salary survey that showed public pension fund leaders at other organizations had received wage increases of 6 to 7 percent.
“We believe that the proposed adjustments are well within market practice, and will allow for appropriate modest adjustments while CalPERS contemplates implementation of a long-term incentive plan,” wrote the consultant who recommended wage increases for CalPERS executives.
CalPERS, the $323 billion pension fund for retired government workers, tends to offer incentives to senior executives and fund managers that drive up total compensation for its top employees.
For instance, CalPERS Chief Investment Officer Ted Eliopoulos last year earned $768,000 in total compensation. Tollette earned $537,000 in total compensation, according to state records.
The board on Tuesday also is scheduled to vote on an incentive plan for CEO Marcie Frost and Eliopoulos.
Most rank-and-file CalPERS employees will receive a 4 percent wage increase on July 1 through a new contract for their union, Service Employees International Union Local 1000. That agreement included special wage increases for CalPERS actuaries, who gained an additional 15 percent raise this year.
Welcome to the AM Alert, your morning run-down on California policy and politics. To receive it regularly, please sign up for it here.
TAKE A HIKE: City Walks Sacramento is part of the California Department of Parks and Recreation’s “Take a Hike!” program, which encourages Sacramento residents to keep healthy by ditching their afternoon donuts and instead walking with the rest of the city, one Tuesday per month, every month. Today’s hike has been canceled due to the fierce heat. If you’re interested in going on next month’s hike to the Riverfront Walk but the degrees keep on ticking upward, call the Office of Community Involvement 916-653-5454 to confirm it’s still on.
WORTH REPEATING: “We want to have honest dialogue with you.” - Sen. Jeff Stone, R-Temecula, asking Democrats to tone down a resolution urging the U.S. Senate to reconsider the repeal of Obamacare.
MEDICAL MIRACLES: Since 2015, when the Legislature passed and Gov. Jerry Brown signed into law three bills that create a licensing and regulatory framework for medical cannabis, rules and procedures for testing have been contentious. The Bureau of Medical Cannabis Regulation has its final public regulation hearing today in the Department of Consumer Affairs hearing room, 1625 North Market Blvd. in Sacramento, and invites the public to comment on existing regulations at 10 a.m.
CARBs THAT ARE GOOD FOR YOU: The California Air Resources Board will host the first of three public workshops today in search of public input on proposed update to the regional passenger vehicle greenhouse gas emission reduction targets for California’s Metropolitan Planning Organization. At 5:30 p.m. at Kern Council of Governments in Bakersfield, they’ll share current MPO target recommendations and discuss how to adjust to meet long-term sustainability goals.
SMOKES THAT ARE BAD FOR YOU: Tonight at 5:30 p.m., the American Cancer Society Cancer Action Network will host a panel discussion and reception in honor of Assemblyman Jim Wood, D-Healdsburg, who led the fight to pass tobacco control bills last year and has advocated for affordable health coverage. Speakers on the panel at the Tsakopoulos Library Galleria include Daniel Zingale of the California Endowment, Sandra Sherry of the California Healthcare Foundation, and Tim Smith of the National Eczema Association.
CALIFORNIA’S GREATNESS: Stanislaus County Supervisor Kristin Olsen, a former Assembly GOP leader, will speak on “restoring California’s greatness” tonight at the Fremont Hills Country Club in Los Altos Hills, at 6 p.m. Vice Chair of the California Republican Party, Olsen has spent a life in politics, and will discuss her experience working to unite an enlarged – but still minority – Republican caucus.
CELEBRATE: The Bee wishes a happy birthday to Diane Harkey, chair of the Board of Equalization, who turns 66 today.
Editor’s Note: This post was updated at 9:25 a.m. June 20 to remove the name of CalPERS CEO Marcie Frost from the list of executives under consideration for a pay raise.
Rennie Svirnovskiy, 916-321-1310, @RennieYS.