Ahead of an April 1 system overhaul, Steven Herbert has a ‘hundred actions’ he needs to perform.
The asset manager and former consultant is the sixth investment chief to head the fund in about 13 years. He starts Jan. 16.
At lowest funded US public pension fund, the same percentage of active worker payrolls will not net the same level of contributions as in the past.
Right now, the investment head can’t earn a salary above the governor’s $167,000, half what the chief could make elsewhere.
Investment committee members are dialing up risk levels to meet return assumptions.
Legislation creates new panel of trustees for County Employees Retirement System.