Coopers & Lybrand Choose CalPERS Auditor.SACRAMENTO, Calif.--(BUSINESS WIRE)--Feb. 27, 1997--The California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Public Employees' Retirement System Board of Administration today announced the selection of Coopers & Lybrand LLP LLP - Lower Layer Protocol as the independent auditor Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. of the $108 billion pension fund for the next five years. Coopers & Lybrand will be responsible for performing annual financial audits of the 12 funds administered by the CalPERS Board, the CalPERS Deferred Compensation Program, and the State of California Savings Plus Program. The firm will also perform an annual review of the CalPERS master custodian bailee (custodian) n. a person with whom some article is left, usually pursuant to a contract (called a "contract of bailment"), who is responsible for the safe return of the article to the owner when the contract is fulfilled. , State Street Bank, and provide accounting and auditing consultation services. "With one of the top accounting firms in the nation auditing our financial statements, our members and the public will have the comfort of knowing their money is being managed properly," said Robert Carlson, Chairman of the CalPERS Board Finance Committee. Coopers & Lybrand is a "big six" accounting firm with extensive experience in auditing financial institutions and pension funds. The firm has audited 36 pension systems, including CalPERS, the California State Teachers' Retirement System, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Teachers' Retirement System, Ohio State Teachers' Retirement System, and the retirement systems of the states of Nevada, South Dakota South Dakota (dəkō`tə), state in the N central United States. It is bordered by North Dakota (N), Minnesota and Iowa (E), Nebraska (S), and Wyoming and Montana (W). , and Wisconsin. Deloitte & Touche LLP was CalPERS' independent auditor for the past five years. Under state law, an accounting firm cannot serve more than five consecutive years as the retirement system's independent auditor. CalPERS is the largest public employee pension system in the nation with more than $108 billion in assets. The pension system manages retirement plans and health plans for more than 1 million California public employees, retirees, and their families. CONTACT: CalPERS Edd Fong or Pat Macht, 916/326-3991 |
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