California Public Employees' Retirement System, Sacramento, intends to survey more than 2,350 public companies in its $140 billion investment portfolio to check their readiness for the year 2000, Vincent P. Brown, assistant executive officer of financial and administrative systems, testified before the Senate Special Committee on the Year 2000 Technology Problem yesterday.
CalPERS will use the information to protect its investments, Mr. Brown told lawmakers. The survey proposal will go to its investment committee next month, he said.
Meanwhile, the Teachers Insurance and Annuity Association - College Retirement Equities Fund last year began questioning securities brokers and companies in its investment portfolio for their Y2K compliance efforts. Most of the approximately 25% of the 5,000 companies surveyed indicated they had a program under way, while 10% of those surveyed were already compliant, James A. Wolf, executive vice president of corporate management information systems testified.