Deals and People December 27, 2005

Valdes Captures CalPERS Board Runoff

December 27, 2005 (PLANSPONSOR.com) - Charles Valdes, an incumbent member of the California Public Employees' Retirement System (CalPERS) board has easily nabbed a sixth term helping to direct the nation's largest public pension system.
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According to unofficial election results posted on the CalPERS’ Web site, Valdes captured 143,071 votes or 71% of the ballots cast – pushing aside challenger Robert Walton, a recently retired CalPERS executive, who could only manage 58,414 votes or 29% of the ballots cast.

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The outcome was widely expected because of the strong union support for Valdes, a senior attorney with the Department of Transportation and former president of the California State Employees Association.

Moreover, Valdes fell just short of avoiding the fund’s first runoff election in October when he captured 49.8% of the votes (See CalPERS Board Faces First Runoff Election ).

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