Story perspectives

Report Calls CalPERS Governance Failures, Inspector General Needed

5/23/2026

Summary

Story summary

A 255-page report released May 22 2026 found governance failures at CalPERS and urged a state inspector general.
The report accused CalPERS of misrepresenting fees to Wall Street managers and withholding investment records.
Retired Public Employees Association of California raised $245,000 to fund the probe and backs the inspector-general plan.
CalPERS CEO Marcie Frost rejected the findings, citing an 84% funded status end-2025 and a 35% fee cut since 2024.

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Story summary

A 255-page report released May 22 2026 found governance failures at CalPERS and urged a state inspector general.
The report accused CalPERS of misrepresenting fees to Wall Street managers and withholding investment records.
Retired Public Employees Association of California raised $245,000 to fund the probe and backs the inspector-general plan.
CalPERS CEO Marcie Frost rejected the findings, citing an 84% funded status end-2025 and a 35% fee cut since 2024.