US - The California Public Employees' Retirement System (CalPERS) has appointed Russell Fong as acting chief financial officer (CFO).
Fong takes on the newly-established position from April 4 and will be responsible for managing the financial processes for CalPERS, including budgeting, accounting, cash management, and financial planning and analysis. He will also oversee CalPERS Enterprise Risk Management projects.
Fong is currently the interim assistant executive officer of the CalPERS Administrative Services Branch. He manages the Fiscal Services, Human Resources, Operation Support and Strategic Management Services Divisions. He joined CalPERS in 2005 as chief of Fiscal Services, where he oversaw the System's accounting and budgeting functions.
"We are establishing this position at CalPERS to ensure we maintain a high level of transparency and internal control, and Russell Fong's background and experience make him an excellent fit to start this new function," said CalPERS chief executive officer Anne Stausboll. "The CFO will be the single point of coordination for financial and risk-related activities across our organisation."
Prior to joining CalPERS, Fong served at the California Health and Human Services Agency Data Center as Chief Consolidation Administrator; Chief Financial Officer; and Deputy Director of the Administrative Services Division. He also managed the Information Technology Training Center for the Health and Human Services Agency Data Center.
The (CalPERS) Board of Administration also elected the following chairs and vice chairs for key Board committees: Investment Committee - George Diehr, chair; Henry Jones, Vice chair; Benefits and Program Administration Committee - George Diehr, chair; Rob Feckner, vice chair; Health Benefits Committee - Priya Mathur, chair; JJ Jelincic, vice chair; Performance and Compensation Committee - Louis F. Moret, chair; Dan Dunmoyer, vice chair; Finance Committee - Henry Jones, chair; Louis F. Moret, vice chair.
Last month, the full Board re-elected Rob Feckner as president, and George Diehr as vice president.
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The Pension Protection Fund has published its final levy rules for 2019/20 following a consultation launched in September.
The Competition and Markets Authority's (CMA) final report on the investment consultant market has been celebrated as having "real teeth" to produce better outcomes for members.