California Public Employees’ Retirement System (CalPERS) Investment Chief Ben Meng is resigning from the nation’s largest pension fund after a year and a half.
Deputy chief Dan Bienvenue will take over the $409 billion pension fund in the interim until a permanent successor is found, the fund said Wednesday. CalPERS said it will start a search immediately.
“I deeply believe in the CalPERS mission of serving those who serve California,” Meng said in a statement. “I’m proud of the work we did to change the portfolio, build a skilled Investment Office, and set CalPERS on a strong path to achieve our return target. But, at this time, it’s important for me to focus on my health and on my family and move on to the next chapter in my life.”
For the fiscal 2019-20 year, the California pension fund returned 4.7%, which it said beat its benchmark.