John Gittelsohn

It has cost the California Public Employees’ Retirement System about $900 million since September to reduce its exposure to stocks and private equities as the largest U.S. pension fund sought to reduce risk in its portfolio.

Chief investment officer says internal management gives taxpayers ‘a great deal.'

The California Public Employees’ Retirement System, the largest U.S. pension fund, named Marcie Frost, 51, as its new chief executive officer.

The California Public Employees’ Retirement System, the largest U.S. pension fund, invested in a new-home community two years after it reduced its involvement in similar projects following losses in the housing bust.

The pension fund has shifted its focus to income-producing properties.