Benefits October 21, 2010

CalPERS to Post Travel Expense Documents

October 21, 2010 (PLANSPONSOR.com) – The California Public Employees Retirement System (CalPERS) has approved a plan under which all Board members and key staff members will see their travel expense claims and statement of economic interest published on the giant fund’s Web site.
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CalPERS said the information will be put online within a month of the date the travel claim is reimbursed. The statements of economic interest filed on Form 700 will be posted by the end of the month following the month CalPERS receives the filing, the fund said. The new policy takes effect January 1, 2011.

CalPERS Chief Executive Anne Stausboll recently ordered staff members to make sure their travel and gift practices comply with all CalPERS and state rules (see CalPERS Chief Orders Travel, Gift Record Review).

California Controller John Chiang said in a separate news release Thursday that CalPERS also plans to make changes to its new retirement information system that will flag suspicious salaries at the local level. The new system will process information from cities and counties that participate in the pension fund, and automatically call for a review of any potential compensation abuse.

The city of Bell, California, has been at the center of a political firestorm over its salary/pension levels that has prompted a number of probes to be kicked off (see SEC Reported Probing City of Bell Bond Sales). 

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