The chief investment officer of California's $350 billion pension fund is stepping aside.
Ted Eliopoulos announced Monday he's leaving the California Public Employees' Retirement System once a replacement is hired. He's one of California's highest paid state workers and responsible for the nation's largest public pension fund. His base salary was $543,000 in the last fiscal year and he received a $314,000 bonus.
Eliopoulos' five-year tenure coincided with significant volatility in financial markets.
CalPERS investments returned 11.2 percent in the last fiscal year after they fell short of the system's 7-percent target for several years.
CalPERS chief executive...