US - The California Public Employees' Retirement System is to appoint a senior risk officer and launch a 24-hour whistleblower helpline following the Bell City fraud scandal.
Former city manager Robert Rizzo was one of the eight top Bell officials who were charged for fraud, conspiracy and waste of public funding. Rizzo received twice as much as he was entitled to from CalPERS in retirement benefits as well as 107 days in holiday and 36 days of sick leave annually.
"Recent events on Wall Street, pension fraud in this state, and even allegations of wrongdoing at CalPERS have taught us that managing risk and ensuring accountability across the enterprise are critical to our effectiveness today and tomorrow," said George Diehr, acting president at pension fund's board meeting.
Chief executive officer Anne Stausboll added: "The office of enterprise risk management will bring together all aspects of risk management, including internal compliance operations, privacy and security, disaster recovery and business continuity programmes.
"We strive to be the very best at risk management. We will ensure that we ask the important questions, challenge our own assumptions, and hope to become the best at utilizing this discipline to understand and manage threats that could hamper our ability to deliver the best services to our members and employers."
Professional Pensions is looking to update its list of pensions master trusts in the UK ahead of authorisation. Can you help?
RPMI Railpen is in the next step in the journey towards achieving cost disclosure. Victoria Bell tells Stephanie Baxter about taking part in the Cost Transparency Initiative's pilot phase
Interserve's numerous defined benefit (DB) schemes have retained a sponsor link after the company entered into administration and was sold.
Chris Hannon has been named chairman of the Railways Pensions Trustee Company after a unanimous vote of approval from its board last week.