The plan, which was supported unanimously by the pension fund’s board, will provide funding to projects across the state, but the impact of the money may be a few years off.
The projects could go to help recover an economy that provides the jobs and wages for many CalPERS employees. The unanimous vote of the investment committee must be ratified by the full CalPERS board, but since all of the members of the board sit on the investment board, that’s a forgone conclusion.
From the Sacramento Bee:
CalPERS today moved to create an $800 million fund to invest in California infrastructure – highways, bridges, ports, power-transmission lines and more.
The fund could help create jobs by providing financing for new projects. It could also take some of the financial burden off cash-strapped local and state agencies looking for new sources of capital.
“The outcome could be good if we get all the stars aligned,” said Rob Feckner, president of the California Public Employees’ Retirement System.
Read the full article here.