Preliminary results indicate Jones received the highest number of votes in the December runoff election, nearly 51.6 percent (64,116 votes of the 124,497 votes cast) compared to Perry Kenny, a former tax consultant with the California State Board of Equalization, who received 48.3 percent or 59,996 of the total votes cast. A 50 percent plus one vote majority is required to be elected. The unofficial results are expected to be posted to the CalPERS Web site December 19.

Jones will replace incumbent Robert F. Carlson, who is retiring from the Board, and begin serving January 16, 2008.

The Retired Member representative is elected by eligible retired members of CalPERS, excluding survivors and beneficiaries.

Under the California Constitution, the 13-member CalPERS Board has exclusive authority to administer the CalPERS pension fund, setting policy for administration of retirement and health benefit programs and the investment of pension fund assets valued at approximately $250 billion.

Six board members are elected by various segments of the CalPERS membership. The State Controller, State Treasurer, and Director of Department of Personnel Administration serve as ex officio members. The Governor appoints two members, the Assembly Speaker and Senate Rules Committee jointly appoint a member, and the State Personnel Board appoints a member.

CalPERS is the largest public pension fund in the U.S. with assets of $250 billion. The system provides retirement and health benefits to approximately 1.5 million State and local public employees and their families.

December 17, 2007
Contact: Tacey Derenzy or Pat Macht, Office of Public Affairs
(916) 795-3991