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Type of Role: Investments

Experience Level: Managing Director/CIO

Location: Sacramento, California

Salary: $234K - $390K

California Public Employees’ Retirement System (CalPERS) is a global institutional investor and the nation’s largest public pension fund, with assets of approximately $455.03 billion as of June 2, 2023. Headquartered in downtown Sacramento, we are a destination employer with an international reputation for leadership and innovation.

THIS ROLE HAS BEEN FILLED

The Chief Financial Officer (CFO), under the general direction of the Chief Executive Officer (CEO), promotes the sound and secure operation of CalPERS’ financial activities through (1) management of the system’s financial and investment accounting, financial analysis and planning, treasury management, and budgeting functions; and (2) coordination with and review of the system’s finance-related investment functions, including asset/liability management.

The CFO provides briefings, expert consultation, and advice in these areas to the Board of Administration and CalPERS executive management. As a member of the executive team, the CFO participates in the development, implementation, and review of CalPERS strategic plan.

The CFO must be a seasoned and respected financial professional with experience that includes a specific focus on large pension funds, global financial institutions, asset managers, and/or other diversified financial services. A bachelor’s degree in accounting, finance, actuarial science, economics, or a closely related business administration field is required. Possession of an advanced degree in one of the fields noted is desirable, as well as certification as a Certified Public Accountant and/or Chartered Financial Analyst.

The CFO provides briefings and expert consultation and advice in these areas to the Board of Administration and CalPERS executive management and, as a member of the executive team, participates in the development, implementation, and review of CalPERS’ strategic plan.

Essential Functions
25% External Relationships and Executive Management:
Onsite or virtually, manages the fiscal and personnel resources of assigned divisions, ensuring succession planning, diversity, performance management, core values, and other related best leadership practices occur. As a member of the CalPERS executive team, participates in enterprise-wide planning and policy-making to ensure assigned programs are well coordinated with other CalPERS functions. Provides briefings and expert consultation and advice on all financial issues to CalPERS executive team and the Board of Administration. Acts as CalPERS liaison with the Governor’s Office, Department of Finance, and the State Controller’s office on matters pertaining to financial accounting and budgeting of CalPERS operations. Represents CalPERS as related to financial operations to a wide variety of external parties, including the legislature, state agencies, external auditors, compliance and control agencies, and CalPERS stakeholders. Serves as the central contact point for external auditors and agencies engaged in reviewing CalPERS general operations and financial reporting programs.

15% Asset Liability Management:
Onsite or virtually, oversees and manages a variety of activities related to the Asset Liability Management (ALM) process through a cross-divisional team comprised of the Actuarial, Financial, Investment, and Communication & Stakeholder Relations offices to develop an integrated ALM framework. Manages the coordination of the ALM planning cycles every four years, as well as the mid-cycle board update.

15% Financial Accounting and External Financial Reporting:
Onsite or virtually, leads CalPERS’ financial accounting and external reporting functions, including preparation of annual financial statements and the development and implementation of accounting policies/procedures and internal control standards, including Risk Pool Accounting. Responsible for financial systems strategy, including general ledger, payables, receivables, management reporting and budgeting systems, process redesign, and system implementation efforts. Responsible for CalPERS billing cycles, accounts receivable, and cash disbursement functions. Ensures compliance with state and federal tax laws through oversight of tax-related accounting, payments, and compliance functions. Conducts and manages financial reporting, including the CalPERS Comprehensive Annual Financial Report.

15% Treasury Management:
Onsite or virtually, leads CalPERS’ treasury management efforts by monitoring and forecasting cash inflow/outflow and providing guidance on actions needed to ensure sufficient liquidity to meet benefit, vendor, and other payment demands, while maximizing the amount of funds available for investment. Coordinates with the Chief Investment Officer and the Chief Actuary to ensure the level and liquidity of CalPERS investment assets are consistent with the system’s revenue flow and liabilities and provides recommendations for achieving this to the Board of Administration.

15% Financial Planning, Management Reporting, and Financial Analysis:
Onsite or virtually, manages the development and administration of the CalPERS annual budget. Initiates and provides strategic direction and review for the preparation of financial forecasts, economic reports, analyses, and reports designed to give guidance and support for executive planning, review, and decision making. Designs and implements financial planning, reporting, and analysis functions to provide timely and comprehensive expense reporting and forecasting, identify and report expenses against relevant industry benchmarks, and identifying efficiency opportunities.

15% Employer Pension Contracts and Prefunding Programs:
Onsite or virtually, oversees policy development and facilitation for all employer contract management policies; employer retirement and prefunding contract programs; and the collection of unfunded accrued liabilities and oversight of the contract termination processes for the California Employers’ Retiree Benefit Trust (CERBT), Supplemental Income Programs (SIP), the Retirement Benefit Program (RBP), Retirement and other special prefunding programs.

Working Conditions
• This position is designated as office-centered and works primarily onsite at the Sacramento, CA -Headquarters at least three weekdays.

Conduct, Attendance and Performance Expectations
• Ability to maintain consistent attendance
• Ability to demonstrate punctuality, initiative, and dependability
• Ability to model and support CalPERS Core Values (Integrity, Accountability, Respect, Openness, Quality and Balance)
• Ability to model CalPERS Competencies and demonstrate proficiency in; Collaboration, Leading People, Leading Change, Driving Results, Business Acumen, Communication, and Leading Self