The Professional Engineers in California Government dropped their threat of a lawsuit against CalPERS over the pension fund’s proposed infrastructure investment policy, said Bruce Blanning, executive director of the Sacramento-based organization.
The PECG had said the proposal’s wording did not go far enough to protect public sector workers from losing their jobs if infrastructure projects in the state are privatized. But discussions on Wednesday and Thursday between members of the PECG and staff at the $227.7 billion California Public Employees’ Retirement System about ways to reword the policy were fruitful, he said, and the PECG is no longer threatening to sue.
“The changes are good enough to drop our opposition,” he said.
CalPERS’ investment committee is scheduled to vote to approve the policy at a committee meeting Monday. Mr. Blanning declined to comment about the changes ahead of the meeting. Patricia Macht, spokeswoman at Sacramento-based CalPERS, could not immediately be reached for comment.