MARGARET'S RECORD
CalPERS requires Oversight, Accountability and Transparency. Without TRANSPARENCY, there is no TRUST!
I serve CalPERS members and beneficiaries, protecting pensions and healthcare benefits earned.
I research strategies, discuss issues with experts and stakeholders, keeping politics at bay. I listen to the arguments, support good solutions, and question others. I hold staff and the Board accountable for their actions, or inaction.
During my Board tenure I…
SUPPORTED:
-- Full Board participation in hiring, evaluating, and firing CIO.
-- CEO informing full Board of employee misconduct.
-- Treasurer Chiang’s call for investigation into CEO’s education.
-- Full Board membership on the Investment Committee.
EXPOSED:
-- CIO’s secret abandonment of Left Tail hedge strategy leading to losses over $1 billion.
-- Board members signing blank reimbursement forms.
-- Staff withholding mail from the Board.
-- Secret ballot tabulation and opening of envelopes for Board elections.
OPPOSED:
-- CEO’s failure to disclose Chief Investment Officer’s Conflicts of Interest.
-- Risky $20 billion Private Equity investment scheme, Pillars III and IV. No funds invested.
-- Anti-transparency policy requiring Board members remain silent after vote.
-- $550 million Hole in the Ground 30-story tower development. Contract was cancelled after millions expended.
-- See thru ballot envelopes.
-- Elimination of PERSCare, Choice and Select. Now Platinum and Gold.
ONGOING ISSUES:
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Oppose online / internet voting.
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Oppose AB386, hiding details of direct loans from public scrutiny.
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Did not support Long-Term Care increases. Staff should conduct new study, delay increases.
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$685,000 CalPERS employee theft from beneficiaries.
I AM COMMITTED TO:
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Protecting Defined Benefit pensions.
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Ensuring Stakeholders are heard.
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Increasing access to healthcare that improves patient outcomes.
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Speaking up when investment strategies don’t measure up.
I have the courage and independence to make tough, smart decisions for beneficiaries.