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:

  • Oppose online / internet voting.

  • Oppose AB386, hiding details of direct loans from public scrutiny.

  • Did not support Long-Term Care increases. Staff should conduct new study, delay increases.

  • $685,000 CalPERS employee theft from beneficiaries.
     

I AM COMMITTED TO:

  1. Protecting Defined Benefit pensions.

  2. Ensuring Stakeholders are heard.

  3. Increasing access to healthcare that improves patient outcomes.

  4. Speaking up when investment strategies don’t measure up.
     

I have the courage and independence to make tough, smart decisions for beneficiaries.