Opalesque Industry Update: The California Public Employees’ Retirement System (CalPERS) has named Cheryl Eason as its Chief Financial Officer (CFO), a newly created position to oversee the financial and risk management operations of the $243 billion Pension Fund.|
Cheryl Eason comes to CalPERS with more than 25 years of financial management expertise in enterprise risk management and strategic and business planning in both the private and public sectors. She has held several senior executive positions throughout her career, most recently as Vice President, Financial and Plan Board Services for the British Columbia Pension Corporation, one of the largest pension benefit administrators in Canada, and the largest in British Columbia.
“Our CFO will be the single point of coordination for financial and risk-related activities across our organization, and Cheryl is the perfect choice to lead this important task,” said CalPERS Chief Executive Officer Anne Stausboll. “Her background as a senior executive with extensive experience leading business planning, risk management and budgeting operations will ensure that CalPERS maintains a high level of transparency and internal controls in its financial operations.”
As CFO, Ms. Eason will be responsible for managing the finance processes for CalPERS, including budgeting, accounting, cash management, and financial planning and analysis. Ms. Eason will also oversee initiatives to improve and strengthen CalPERS risk management, compliance and ethics. She will be part of CalPERS executive leadership team, provide expert consultation and advice to the CalPERS Board of Administration, and report to Stausboll.
“I’m excited to join CalPERS and look forward to ensuring that the future of the organization continues on a solid financial foundation,” said Eason.
Ms. Eason holds a Master of Business Administration from British Columbia’s Royal Roads University and is a Certified General Accountant. She has also earned the Retirement Plans Associate designation from Dalhousie University and the International Foundation of Employee Benefit Plans. Ms. Eason is a member of the Government Finance Officers Association and the Financial Executives International.
CalPERS, with assets of approximately $243 billion, is the largest public pension fund in the U.S. It administers retirement benefits for more than 1.6 million California state, local government, and public school employees, retirees, and their families on behalf of more than 3,000 public employers, and health benefits for more than 1.3 million enrollees. The average CalPERS pension benefit is $2,332 per month. The average benefit for those who retired in the most recent fiscal year that ended June 30, 2011, is $3,065 per month.