• Home
  • Admin/Tech
  • Benefits
  • Buzz
  • DB
  • DC
  • Diversity
  • Investment
  • Law & regulation
  • Risk reduction
  • Events
  • Whitepapers
  • ESG spotlight
  • PPTV
  • Newsletters
  • Sign in
  • Events
    • Upcoming events
      event logo
      Risk Reduction Forum 2019

      The Risk Reduction Forum seeks to arm trustees and scheme professionals with practical insights around best practice, and takeaways they can apply to their own scheme

      • Date: 14 Mar 2019
      • Radisson Blu Bloomsbury, London
      event logo
      Rising Star Awards 2019

      Professional Pensions has launched its inaugural Rising Stars Awards to celebrate the emerging talent in pensions

      • Date: 27 Mar 2019
      • Proud Embankment, London
      event logo
      Defined Contribution Conference 2019

      This exclusive one day conference will provide a comprehensive overview of the evolving DC landscape, and examine how Trustees and Pension Scheme Managers can overcome the challenges they face

      • Date: 24 Apr 2019
      • The Bloomsbury Hotel, 16-22 Great Russell St, London WC1B 3NN, London
      event logo
      Professional Pensions & PIC Breakfast Briefing

      This breakfast briefing will take a look at the outlook for the risk reduction market - looking in particular at how schemes can best prepare to conduct an insurance transaction, capacity in the market as well as the key factors that are likely to affect both pricing and demand.

      • Date: 30 Apr 2019
      • The Ned, 27 Poultry, London EC2R 8AJ, London
      View all events
      Follow our Professional Pension Events

      Sign up to receive email alerts about our events

      Sign up
  • Whitepapers
    • How DC schemes can gain exposure to different asset classes in a low-return environment

      So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap,' ‘pension freedoms' or consultations around ‘value for money', says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).

      Download
      Pension freedoms three years on

      In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.

      Download
      Find whitepapers
      Search by title or subject area
      View all whitepapers
  • ESG spotlight
  • Sign in
    •  

      You are currently accessing ProfessionalPensions via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0) 1858 438800

      Email: [email protected]

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • RSS
    • Twitter
    • LinkedIn
    • Newsletters
    • YouTube
  • Register
  • Subscribe
Professional Pensions
Professional Pensions
  • Home
  • Admin/Tech
  • Benefits
  • Buzz
  • DB
  • DC
  • Diversity
  • Investment
  • Law & regulation
  • Risk reduction
  •  

    You are currently accessing ProfessionalPensions via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0) 1858 438800

    Email: [email protected]

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Professional Pensions
  • US

CalPERS backs new placement agent rules

in-text-47507
  • Chris Panteli
  • 04 October 2010
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
0 Comments

US - The California Public Employees' Retirement System (CalPERS) says new rules governing the registration of placement agents will improve the transparency in the fund's investment process.

Under new State legislation, placement agents who solicit pension fund business must now register as lobbyists. As such, placement agents who do business with CalPERS and the California State Teachers' Retirement System will be subject to lobbyist reporting and ethics rules under the California Political Reform Act - including bans on campaign contributions and contingent fee arrangements.

The bill, AB 1743, was authored by Assembly Member Dr. Ed Hernandez, D-Baldwin Park and co-sponsored by CalPERS, State Treasurer Bill Lockyer and State Controller John Chiang, ex-officio members of the pension fund's Board.

Related articles

  • Lloyds secures 630,000 pension customers with 'strong progress' towards one million by 2020
  • Government will not 'force pace of change' in AE
  • Pensions and Benefits UK 2019: Programme unveiled
  • Updated: Key dates for pensions
  • LifeSight becomes first master trust to be authorised by TPR

"We're grateful to Controller Chiang, Treasurer Lockyer and Assembly Member Hernandez for their work in the development of this important law and for the Governor's signing of the law," said CalPERS Board president Rob Feckner. "It brings strong measures to ensure full transparency and accountability in our investment process."

"The Governor's signing of AB 1743 is a victory for taxpayers and working Californians," added Hernandez. "This new law will safeguard the integrity of investment decisions made by our public pension systems, and ensure that the interests of people on Main Street are shielded from the worst kind of influence peddlers on Wall Street."

In response to federal and State investigations, the CalPERS Board adopted a policy in May 2009 requiring investment partners and external managers to disclose their retention of placement agents, the fees they pay them and the services they perform.

Elements of that policy were included in State law enacted in October 2009. Two months later, the CalPERS Board voted to sponsor the legislation that Hernandez introduced in February 2010.

"This bill says public pensions are not for sale," said Lockyer. "It embodies a principle that has been forgotten and flouted in California and across the nation: Workers, retirees and taxpayers come before politically-connected middlemen and wealthy Wall Street interests.

"AB 1743 ensures public pension investment decisions are made on the merits, adds transparency to the process and helps prevent corruption. The Legislature and Governor deserve credit for making it law."

The role of placement agents is at the heart of an ongoing investigation into corruption at the New York State Common Retirement Fund (Global Pensions: 30 September 2010).

 

 

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • US
  • CalPERS
  • CalSTRS
  • New York State Common Retirement Fund

Latest stories

Latest issue - 21 February 2019

This week's edition of Professional Pensions is out now.

  • Industry
  • 20 February 2019
Fiduciary Management Trends in 2019 - Q&A with Ben Gunnee

Ben Gunnee reflects on 2018 and talks about the Fiduciary Management trends to keep an eye on in 2019

  • Investment
  • 20 February 2019
Lloyds Bank
Lloyds secures 630,000 pension customers with 'strong progress' towards one million by 2020

Lloyds Banking Group secured 630,000 new pension customers last year, according to its 2018 annual results.

  • Industry
  • 20 February 2019
Guy Opperman
Government will not 'force pace of change' in AE

Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.

  • Defined Contribution
  • 20 February 2019
Back to Top

Most read

LifeSight becomes first master trust to be authorised by TPR
judge hammer
Norfolk Pension Fund wins rare US securities fraud class action case
Croydon Town Hall
Croydon sets up asset-backed funding to reduce pension contributions
question
Have your say: Should CEOs have to pay into the same staff DB scheme as their workers?
Half of pension scam red flags raised by schemes involves advisers, finds survey
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Privacy and Cookie policy
  • RSS
  • Twitter
  • LinkedIn
  • Newsletters
  • YouTube

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017