US - California Public Employees' Retirement System board member Charles Valdes agreed to pay US$12,500 for accepting campaign contributions in excess of the legal limit for CalPERS board members.
According to documents from California's Fair Political Practice Committee (FPPC), Valdes accepted a total of $28,000 from five individuals supporting his run-off re-election campaign to the CalPERS board in 2005.
Each contributed $5,600, violating the $3,300 legal limit.
Valdes told the FPPC he mistakenly believed the limit for CalPERS board elections was $5,600, the same as that for a state wide office campaign.
The FPPC fined Valdes $12,500, half the amount it could have charged, because at the time, he had little experience with the state's Political Reform Act, which he violated when he accepted the contributions.
Valdes has sat on the board of the $199bn pension fund since 1984. His term expires on January 15 and he is not up for re-election.
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