The California Fair Political Practices Commission has announced an investigation into former CalPERS Chief Investment Office Yu Ben Meng. State Controller Betty Yee has also called on CalPERS to launch an internal probe.
“We will always do everything we can to be transparent and accountable in our mission to deliver retirement security to California’s public employees,” CalPERS Chief Executive Officer Marcie Frost said, as quoted by the Modesto Bee. A decision could be coming next month.
Meng resigned on Aug. 5. He was the subject of conflict-of-interest complaints relating to his approval of a $1 billion investment in a company for which he was a shareholder.