Legislation Creates CFO and Placement Agent Rules for CalPERS

California Governor Jerry Brown signed key legislation that gives CalPERS the authority to establish an official Chief Financial Officer position. Other bills signed and related to CalPERS include prohibiting CalPERS board members and executive employees from representing another entity before CalPERS and CalSTRS to influence specified actions for a 4-year period. A big piece includes a 10-year moratorium for former board members and executives from receiving compensation for providing services as a placement agent.

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