Sacramento, California - The California Public Employees' Retirement System today issued the following statement after the Pension Fund's former Chief Executive Officer Fred Buenrostro pled guilty to a federal criminal charge of conspiracy to commit various crimes:
"We condemn the misconduct and ethical breaches admitted today by Mr. Buenrostro. The violation of the sacred trust of our members, employers, and the public can't be tolerated, and that trust must never be compromised.
"CalPERS has taken aggressive steps to implement policies and reforms that strengthen accountability and ensure full transparency. We are committed to serving our 1.6 million members with the highest ethical standards and trust.
"CalPERS looks forward to justice being served in this case and for the individuals involved to be held accountable for their actions. We will continue to cooperate with the prosecutors and others in law enforcement and are grateful for their dedicated efforts on this matter."