CalPERS canceled its Monday investment committee meeting and will hold a shorter board meeting Wednesday by teleconference after an employee in its Sacramento office showed symptoms of the COVID-19.
The employee went home immediately after exhibiting symptoms. Results of a test for the coronavirus were negative, CalPERS spokeswoman Megan White said Tuesday in an email.
The $371 billion California Public Employees Retirement System, Sacramento, closed its headquarters, Sacramento regional office and daycare center on Monday to allow system officials to clean and disinfect its offices, and also to continue to implement social-distancing practices in all work areas.
In the meantime, investment office officials are set up to work remotely, Ms. White said Monday in an email.
"They've been preparing for this and are able to handle all functions," she said.
CalPERS officials are taking initial steps to begin transitioning some employees in the investment office and other departments to work from home where operationally feasible.
"We are taking these steps out of an abundance of caution," CalPERS CEO Marcie Frost said in the news release.
CalPERS' pension and health benefits and board governance committee meetings have also been canceled. The items on the committees' agendas will be considered at the board's meetings on April 20-21.
Separately, the $60.7 billion Los Angeles County Employees Retirement Association, Pasadena, canceled its board of investments scheduled for Monday to prepare its systems and plan for its responses to COVID-19.
“In a time like this it is easy to be fearful,” CIO Jonathan Grabel said. "A steady foundation of principles and policies and building on top of that with procedures is a method for thriving long-term. It is critical in times like this to have increased communication amongst our boards and the teams at LACERA.”
