US - Sally Choi, general manager of the 43,000-member Los Angeles City Employees' Retirement System, will leave October. 15 to "pursue other opportunities", the fund said.
The $9bn pension plan for the city's civilian employees, known as Lacers, lost $700m, or 5.7%, in the quarter ending in June compared with the preceding period, bringing its one-year return to 12.9%.
The retirement system's board, which appointed Choi in July 2008, will consider an interim replacement at its next meeting.
The nation's second-largest city by population is considering changes in its pension plans that may increase contribution rates and reduce benefits for new hires, City Administrative Officer Miguel Santana said in an interview on October 7. The cost of city employee pensions is expected to double to $1.6bn by 2015, he said.
"Sally Choi has effectively led Lacers through a number of diverse and challenging issues -- many of which could not have been anticipated," Roberta Conroy, president of the board, said. "Her experience and integrity will be missed."
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.