The State Worker

Chronicling civil-service life for California state workers

June 9, 2011
Read CalSTRS investment staff letter to CalPERS colleagues

As we told you earlier this week, CalSTRS investment staff sent a letter to CalPERS investment staff encouraging them to hang in there amid a publicized scandal, a gifts probe and legislation that impacts the value of gifts that investment employees at either fund can accept and lengthens "revolving door" prohibitions should they leave for the private sector.

"These are difficult times," the June 1 letter says. "Defined benefit plans are under attack. Public employee pensions are in the spotlight and the financial markets are more volatile and challenging than ever before. Couple all of that with the burden of new rules and regulations, and it is apparent that it's getting harder and harder to simply do our jobs."

Here's the letter from CalSTRS to CalPERS. It was signed by nearly 70 CalSTRS investment staff. We've omitted those signatures as a security precaution:

110609 CalSTRS memo.JPG

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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 jortiz@sacbee.com.

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