Two seats on the 13-member governing board of the California Public Employees’ Retirement System are up for election this year. The two vacancies are for the Member-at-Large seats on the board, which oversees the $173 billion pension fund.
“The successful candidates will serve a four-year term and represent active and retired members in all aspects of CalPERS business – including benefit and membership issues, and oversight and investment of Fund assets,” CalPERS said in a prepared statement.
The CalPERS Board of Administration consists of 13 members – six elected “member” representatives, three appointed representatives, and four “ex officio” representatives.
Those eligible to vote for the two representatives in this election are CalPERS members who are active as of July 1, 2009 (employed at a CalPERS-covered agency), or retired CalPERS members whose effective date of retirement is on or before July 1, 2009.
A ballot package will be sent to the voters’ homes on Sept. 4, 2009, and ballots can be cast by mail through Oct. 2, 2009.
If no candidate receives a majority vote in the election, a runoff election will be required. CalPERS members active as of Oct. 1, 2009, or retired members whose date of retirement was on or before Oct. 1, 2009, will be eligible to vote in the runoff. A runoff ballot package will be sent on Nov. 9, 2009, and votes can be sent in through Dec. 4, 2009.
The term of the incumbent Member-At-Large Board members, Charles P. Valdes and Kurato Shimada will expire January 15, 2010. The term of office for the newly elected Board members will begin January 16, 2010 and end January 15, 2014.