The State Worker

Chronicling civil-service life for California state workers

March 15, 2011
CalPERS chief says corruption report a 'turning point' for fund

The State Worker has received a copy of the in-house e-mail from CalPERS CEO Anne Stausboll that comments on corruption allegations detailed in a commissioned report that the fund released late Monday. We're reprinting it here:

From: CEO Mailbox
Sent: Monday, March 14, 2011 6:04 PM
To: Exchange Users, HQ; Exchange Users, Regional Offices
Subject: Placement Agent Report

Good evening,

At 6 pm today (Monday), the CalPERS Board of Administration released the report conducted by outside experts on the activities of placement agents. The Board will be discussing this report in open session tomorrow. A full copy of the report can be found at

The delivery of this report represents the culmination of months of hard work by our staff and the Board. We have asked some very difficult questions during this period, and we have faced what seemed to be insurmountable challenges. However, the mission that our organization was founded on nearly 80 years ago, along with our core values, has kept us laser focused to get to this day.

Although it is difficult to learn of the apparent misconduct of some of the former officials, the issuance of this report is a turning point for our organization. This day serves as a reminder about how far we have come to strengthen our accountability, ethics and transparency. We have already taken numerous remedial actions, and we are continuing to learn from the situation and make the changes necessary to restore trust and confidence in the system.

CalPERS is a special place for all of us and those we serve. I am proud to be part of this organization and have the utmost confidence in staff's dedication to our members.


Anne Stausboll | Chief Executive Officer | CalPERS Executive Office

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About The State Worker

Jon Ortiz The Author

Jon Ortiz launched The State Worker blog and a companion column in 2008 to cover state government from the perspective of California government employees. Every day he filters the news through a single question: "What does this mean for state workers?" Join Ortiz for updates and debate on state pay, benefits, pensions, contracts and jobs. Contact him at (916) 321-1043 and at


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