An investigation is under way at the California Public Employees’ Retirement System, the nation’s largest public pension fund, into whether dozens of employees received gifts but didn’t report them as required by the state’s disclosure rules.

The gifts went to state pension officials from private equity fund managers.

The state’s Fair Political Practices Commission, which enforces campaign finance rules, found that some 49 CalPERS employees received gifts, officials said.

 “The commission is looking at whether they either failed to report gifts received and/or received gifts over the gift limit,” said Roman Porter, the FPPC’s executive director.

A pension fund spokesman said CalPERS earlier hired an independent law firm to probe CalPERS and the question of gifts is part of the larger review.

“CalPERS hired an independent law firm, Steptoe & Johnson, to conduct a special review related to placement agent activity in our investment portfolio after charges were filed against placement agents in New York,” said Brad Pacheco chief of public affairs at CalPERS.

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