CalPERS Board Members Elected.

Business Editors/Government Writers

SACRAMENTO, Calif.--(BUSINESS WIRE)--Jan. 9, 2003

Members of the California Public Employees' Retirement System (CalPERS) have elected two candidates to its 13-member Board of Administration, while another seat was filled by an unopposed incumbent, State-certified results showed today.

Each member will serve four-year terms that begin on January 16, 2003 and expire January 15, 2007. The representatives-elect are:

-- Priya Sara Mathur, a principal financial analyst with Bay Area Rapid Transit District (BART), representing Public Agency members;

-- Business Professor George Diehr of California State University, San Marcos, for State employees; and

-- Rob Feckner, an unopposed candidate who will continue to represent School members.

State Controller Steve Westly joins CalPERS Board as an ex officio member following his election in 2002 as California's new State Controller. He replaces outgoing State Controller Kathleen Connell.

Mathur is the first woman elected to the Board in 40 years and its youngest ever, at age 29. She replaces Michael Flaherman, a BART economist who endorsed her candidacy. Mathur was completing a master's degree in business administration from the University of California, Berkeley, during the election.

Diehr succeeds CalPERS Board President Bill Crist, an economics professor at California State University, Stanislaus. He holds a doctorate in management science from the University of California, Los Angeles.

Feckner, a glazing specialist with the Napa Valley Unified School District and leader of local and statewide affiliates of the California School Employees Association, is Chairman of CalPERS Board's Health Benefits Committee. He also is a member of the Benefits and Program Administration, Performance and Compensation and Investment Committees, and R Street Project Subcommittee.

Westly has been involved in government and politics for over 20 years. He has held senior policy positions in local, state and federal government and was recently re-elected to his fourth term representing California on the Democratic National Committee. He has also worked extensively in the private sector and has held senior positions in Silicon Valley for the last 15 years.

The CalPERS Board includes six members elected to staggered terms, three who are appointed by the governor and Legislature, and four ex officio representatives: the State Controller, Treasurer, Director of the Department of Personnel Administration, and a designee of the State Personnel Board.

The Board has exclusive control of the administration and investment of retirement fund assets, the authority to administer membership and benefit issues, and all powers reasonably necessary to carry out the health benefits program. Its responsibilities include setting employer contribution rates, determining asset allocations, and providing actuarial valuations.

CalPERS is the nation's largest public pension fund with approximately $133 billion in assets. The System manages pension and health benefits for 1.3 million active and retired California public employees and their family members. For more information about the Board election or CalPERS, visit our Web site at www.calpers.ca.gov.