My Run for CalPERS: Lessons from the Fight for America's Largest Pension

I set out to run for a seat on the CalPERS board, overseeing the largest public pension fund in the United States, with $560 billion in assets. My goal was to bring transparency, innovation, and accountability to a system that millions of retirees and taxpayers depend on. Though I didn’t win the election, the experience opened my eyes to the challenges and opportunities ahead. Here’s what I learned:

1.  I Met Incredible People: This campaign introduced me to inspiring individuals who share my passion for protecting CalPERS’ members. From retirees to workers, their stories fueled my resolve and reminded me why this fight matters. Together, we built a community ready to push for change.

2.  Record-Low Voter Turnout: I was stunned to learn that barely 6% of CalPERS members voted in this years CalPERS Board Election, with $560 Billion of CA dollars at stake—possibly one of the lowest turnouts ever recorded. This disconnect shows how much work we have to do to engage members and ensure they have a voice in the future of their their retirement savings.

3.  Being a Bitcoin Educator Mattered: My belief in Bitcoin as powerful financial technology with the ability to educate everyday workers struck a chord with some and raised eyebrows with others. My opponents used this fact to attack me and distract Calpers voters from the very real failures of a broken system. The attack wasn’t just about bitcoin—it was about resisting bold ideas and questioning an outdated and failing pension model. Innovation, while controversial, is essential for shaking up a stagnant system.

4.  SEIU/CSEA’s Deceptions: I saw firsthand how the Service Employees International Union (SEIU) and California State Employees Association (CSEA) misled retirees to cling to control of the $560 billion pension. Their tactics prioritized power over the well-being of members, betraying the trust placed in the board.

5.  The Cost to Taxpayers and Retirees: The election’s outcome means California’s taxpayers and retirees will continue to pay the price for a mismanaged pension system. Without reform, the fund’s vulnerabilities will persist, threatening the financial security of those who’ve earned their benefits.

6.  Wall Street’s Ongoing Loot: Without a motivated, incentivized investment team, CalPERS remains a piggy bank for Wall Street, bled dry by high fees and lackluster returns. We need a new approach to investment management to protect the fund’s future and deliver for its members.

7.  Our Work is Just Beginning: This election was only the start. I’m more committed than ever to reforming CalPERS, ensuring it serves its members, not entrenched interests. We’ve sparked a movement, and together, we’ll keep fighting for a pension system that’s transparent, innovative, and secure.

With this in mind I hope you will subscribe to “Bei on California,” a newsletter I will put out to educate Californians on ways to keep our states wealth here at home. 

Running for CalPERS was a humbling journey, but it’s far from over. I’m ready to continue this work, standing up for retirees, taxpayers, and a stronger future for the nation’s largest pension fund.

Sincerely,

Dom Bei

Retired Public Employees Association CA Chapter 64