CalPERS has backed a bill that will ban board members and officers from accepting employment with business partners after leaving the fund, Global Pensions reports. The legislative bill will impose a two-year waiting period on a board member, administrator, executive officer, investment officer or general counsel of CalPERS. The bill will also affect CalSTRS, as its members will also be prohibited from certain employment with the fund’s business partners under certain circumstances. The CalPERS board also endorsed another bill that would bar pension fund members, staff and consultants from accepting gifts valued at over $50 in a single calendar year from any entity doing business with or intending to seek to do business with CalPERS.
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