Catherwood LibraryILR School

Rob Feckner was unanimously elected president of the $183-billion California Public Employees' Retirement System. In his first remarks as president, he read a statement of his beliefs and style and outlined the number one item on his agenda ? opposition to Gov. Arnold Schwarzenegger's campaign to overhaul the state's pension system for state and local workers. Schwarzenegger believes that California cannot afford to maintain its current pension system while Feckner counters that the fund could lose billions of dollars if it converts from a traditional benefit program providing retirees with lifelong monthly checks to a 401(k)-type savings plan.