Patrick McLarry admitted to stealing £250,000 from pension plan he oversaw.
Former board member J.J. Jelincic protests the October 17 election, claims CalPERS team plotted to thwart his candidacy.
The state, facing a big shortfall in its own retirement programs, tries to eke out savings from municipal plans.
Record returns equated to a market rate return of 10.5% for pension plan.
Concerned about downturn risk in equities, the New York State Common Retirement Fund may tilt allocation to bonds.
Pension participants filed suit after program’s pullout from healthcare coverage.