Former Pasadena City Manager Steve Mermell has formally announced his candidacy for Position A on the California Public Employees’ Retirement System (CalPERS) Board of Administration. 

With over three decades of public service and a deep understanding of pension and investment policy, Mermell enters the race with strong support from public sector employees and an expanding list of key endorsements—including the newly announced backing of the Pasadena Police Officers Association.

“I’ve spent my entire professional life in public service, and I understand what’s at stake when it comes to retirement security,” said Mermell. “These uncertain times we’re facing right now demand leadership that has been tested.  I’m running because I have the specific experience that we need, right now.”

Mr. Mermell has also raised concerns over another candidate’s proposal to invest pension funds heavily in cryptocurrency.

“CalPERS members earned a stable retirement—they shouldn’t have to gamble it on crypto,” said Mermell. “Retirement security should be built on smart, responsible investing – not speculation.” Continued Mermell:  “Retirees shouldn’t wake up wondering if a tweet from Elon Musk just wiped out their pension.”

“The decisions made by the CalPERS Board have a direct impact on the livelihoods of more than two million members. I’m committed to making sure those decisions are made with integrity, transparency, and a deep respect for the people who keep California working.”

Mermell served the City of Pasadena for over 30 years, culminating in his appointment as city manager. During his tenure, he was widely recognized for his fiscal management, commitment to labor partnerships, and forward-thinking approach to infrastructure and investment.  His expertise and leadership was profiled in The Wall Street Journal, where in 2022, Steve highlighted concerns about transparency and risk in pension investments.  

His campaign has drawn support from both active employees and retirees. In addition to the Pasadena Police Officers Association, Mermell has been endorsed by a growing number of respected leaders in the public sector.

“Our pension system isn’t just about dollars and cents—it’s about dignity,” said Mermell. “CalPERS members deserve experienced leadership that will always put them first – and real experience that knows how to stay strong and solid in the face of challenges.”

Mermell’s platform focuses on safeguarding defined benefit pensions, increasing transparency in investment decisions, and ensuring that the Board remains accountable to its members—not outside interests. He brings first-hand experience managing city budgets, working with employee groups, and overseeing retirement and healthcare obligations at the local level.

An election will be held this fall for the two Member-at-Large seats on the CalPERS Board of Administration. The Board, made up of 13 members, is responsible for setting policy and overseeing key decisions that impact both members and participating employers. These responsibilities include setting annual health care premiums and directing how the pension fund is invested. As outlined in the California Constitution, the Board has full and independent authority over the management of the CalPERS pension system. All active and retired CalPERS members – excluding survivors and beneficiaries – are eligible to vote in this election.

Ballots will be mailed to eligible members and voting will be by mail, online and via telephone starting on August 29th and ending on September 29th.

For more information, visit www.SteveMermellforCalPERS.com.

Media Contact:
Crystal Litz/LP Campaigns at 213-321-2446 or crystal@lpcampaigns.com