Updated with a correction
CalPERS' board on Wednesday approved a base salary and incentive ranges for a new deputy CIO position to handle some of the CIO's day-to-day tasks.
The board is also considering adding two more deputy CIO positions in the future.
Theresa Taylor, board vice president and chairwoman of CalPERS' performance, compensation and talent management committee, asked the staff to provide an organizational chart at the committee's next meeting sometime in 2020. During the committee's meeting Tuesday, committee members including Eraina Ortega and Margaret Brown said they worried that there could be an overlap in duties between the new deputy CIOs and current staff.
"As I see it now, without a change in organizational structure, you're just adding another layer in the org charts. … Do we really need three of these positions and if so, what layers of other management in the division are coming out," Ms. Ortega said.
Tina Campbell, chief of the human resources division for the $380.7 billion California Public Employees' Retirement System, Sacramento, acknowledged that staff is "not completely certain what the final organizational structure would be."
Ms. Campbell said the idea was to add one deputy CIO first and then see whether CalPERS needs two more deputy CIOs.
CalPERS could add three deputy CIO positions — a deputy CIO for public markets, a deputy CIO over private markets and change the current position of chief operating investment officer to a deputy level position, CEO Marcie Frost told the committee.
The position is expected to be posted on the CalCareers website.
Separately, CalPERS expects to launch a search for a primary compensation consultant. Incumbent Grant Thornton's contract is set to expire in November 2020. The staff will provide more details on services, timeline and the competitive selection process at the next meeting of the performance, compensation and talent management committee.
In other action, the board modified its governing documents to change the investment committee to a smaller nine-member committee without authority to make final decisions. It had been a committee made up of the entire 13-member board.
The board also voted to give Ms. Frost a 4% raise on her fiscal year 2020 base salary to $337,334. The board also approved a performance award for Ms. Frost of $94,340 or 28.5% of pay for fiscal year 2019.