CalPERS Selects Manager for Long-Term Care Program.

Business Editors

SACRAMENTO, Calif.--(BUSINESS WIRE)--Nov. 13, 2003

The California Public Employees' Retirement System (CalPERS) has named Richard J. Krolak as Manager of the Long-Term Care Program.

Krolak most recently served as Chief Operating Officer and Chief Financial Officer of the California Dental Association (CDA), its subsidiary companies, and the CDA Foundation.

Prior to joining the CDA in 1998, he had extensive experience with health care-related issues and programs as a manager and consultant for several State and private entities.

"Mr. Krolak's expertise in the health care and insurance fields make him an ideal candidate to guide our Long-Term Care Program into the decade," said Loren Suter, Deputy Executive Officer, Benefits Administration. "He has superb credentials for the job."

Krolak will join CalPERS on November 24, 2003. He succeeds Daniel Schroepfer, who retired.

The Long-Term Care Program provides financial protection from the high cost of extended care, including nursing home care that most Americans over age 65 will someday need. The not-for-profit, self-funded program began in January 1995. Since then, it has paid approximately $120 million in benefits. Its more than 175,000 members include participating California public employees, retirees, their spouses, parents and parents-in-law, and adult siblings.

During his career, Krolak served as a consultant to the California Assembly Committee on Health, the Health and Welfare Agency, the Pharmaceutical Research and Manufacturers of America, Metropolitan West Securities, several commercial health maintenance organizations, San Mateo County, the City of Sacramento, the California Center for Health Improvement, and the Managed Risk Medical Insurance Board.

He also was Assistant Director for Health Access at the California Department of Health Services, overseeing development and implementation of health access and insurance-based programs. Earlier, he was Associate Vice President, California State University, Sacramento, and a Professor of the University's Government Department and Graduate Program in Public Policy and Administration. He authored publications about governance reform and health care, the California State budget, the implementation of the law governing public accommodation for disabled people, and local finances and Proposition 13.

Krolak received a Ph.D. at the University of California, Riverside in 1973, a Master's degree from Washington State University in 1970, and a bachelor's degree from California State University, Sonoma -- all in Political Science.

CalPERS is the nation's largest public pension fund with assets totaling more than $154 billion. The System provides retirement and health benefits to 1.4 million State and local public employees and their families.