CalPERS Spent Over $1M Discretionary Travel Despite Governor's Ban
SACRAMENTO (CBS/AP) -- California's two public pension systems continued to fly top officials around the globe for conferences, workshops and speaking engagements even after Gov. Jerry Brown ordered a ban on discretionary travel.
The Associated Press reviewed travel expenses from 2011 and 2012 and found board members and executives attended educational conferences, mingled with heads of state and participated in networking opportunities.
Overall, the California Public Employees' Retirement System spent nearly $1.4 million during that two-year period on travel for 84 board members, executives, portfolio managers and investment officers.
The California State Teachers' Retirement System spent $1 million in the same period on 44 top-level officials.
The pension funds say they made an effort to comply with the spirit of Brown's cost-cutting effort but travel is part of necessary business expenses.
(Copyright 2013 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
