Gov. Gavin Newsom today announced the appointment of Palm Springs City Councilwoman Lisa Middleton to the governing board of the nation’s largest public pension fund.
Middleton, 66, held several positions at the State Compensation Insurance Fund from 1974 to 2010, retiring as senior vice president of internal affairs.
Middleton, who has served on the Palm Springs City Council since 2017, said she was “extremely honored” to be appointed to the California Public Employees’ Retirement System Board of Administration.
“The California Public retirement system has for decades provided millions of California’s public servants — police officers, firefighters, street maintenance workers, and office workers — with retirement security,” she said. “I look forward to working with the CalPERS board and leadership in this seat that represents the hundreds of cities, counties and special districts that contract with CalPERS.”
Middleton, a Democrat, earned a master’s degree in public administration from the University of Southern California. Her appointment does not require Senate confirmation, according to the governor’s office.
CalPERS, which has about $350 billion in assets, provides retirement benefits to more than 1.9 million state, public school and local public agency employees, retirees and their families. CalPERS also provides health benefits to more than 1.4 million members, making it the largest purchaser of public
employee health benefits in California, and the second-largest public purchaser in the nation after the federal government.
The 13-member Governing Board, which meets 10 times a year in Sacramento, sets employee contribution rates, determines investment asset allocations, and provides actuarial valuations and oversight of employee pension and health benefits.
Palm Springs City Manager David H. Ready said Middleton’s “extensive background in finance and understanding of the CalPERS retirement system complexities will serve the residents of Palm Springs and all Californians well.”