Retirees Elect LAUSD Retired Chief Financial Officer Henry Jones to Board of Administration
SACRAMENTO, CA – Henry Jones, retired Chief Financial Officer (CFO) for the nation’s second largest school district (Los Angeles Unified), has won his bid to represent retirees on the $259 billion California Public Employees Retirement System Board of Administration. Of the 124,112 votes cast, Jones received 64,116 for a 4,120 vote margin victory in the first contested retiree election in more than 15 years.
“I am proud to have received the support from retirees, associations and labor unions throughout California,” said Jones. “For the past eight months, I have traveled throughout the state to meet with retirees to hear their concerns about issues ranging from healthcare to the preservation of defined benefits. I am extremely honored that so many retirees have given me their vote of confidence as the candidate best qualified to serve them on the CalPERS Board of Administration.”
The run-off election was held from November 9-December 7, 2007. Jones was the top vote-getter among three candidates in the initial mail-in-ballot election held from August 20-September 28 where he received approximately 45 percent of the overall vote which was slightly under the 50 percent plus one required for outright election to the Board.
Minutes following the announcement of the results, Jones pledged to work with his former opponent and his supporters so that all retiree interests are represented. Jones, who garnered the endorsement and support of organizations representing more than one and a half million city, county, school and state employees and retirees, is the first African American to be elected to the Board which oversees the largest public pension portfolio in the United States (former Assembly Speaker Willie Brown was appointed).
“RPEA was among the first organizations to endorse Henry,” said Retired Public Employees Association President Ted Rose. “Our members worked hard to elect him because his long tenure in top level financial management, innate understanding of pension governance and profound ability to understand the needs of retirees made him an outstanding candidate with qualifications unmatched by any of his opponents. We couldn’t be more pleased about his victory.”
CalPERS Board President Rob Feckner seconds Rose’s comments. “As the retired manager of a $7 billion budget, director of a credit union, and previous leader of another pension fund, Henry Jones doesn’t need to learn the job. He already knows it,” said Feckner. “I look forward to serving with him on the Board responsible for the pension assets of more than one and a half million public employees and retirees.”
As retired CFO of LAUSD, Jones managed a $7 billion budget, oversaw the District’s investment practices and also managed the implementation of CalPERS and CalSTRS reporting requirements for more than 90,000 employees. Jones’ extensive experience in advising on pension fund issues includes having been twice-elected as Treasurer of the Council of Institutional Investors, a shareholder rights organization comprised of more than 100 public, labor and corporate pension funds with assets then totaling more than $1 trillion.
Among the many board members, labor unions and associations supporting Jones candidacy were: