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【b&t apc 5.56】Former California pension CIO scrutinized for China ties was highest paid state employee: watchdog

Theb&t apc 5.56 former chief investment officer of the nation's largest public pension fund who

resigned

suddenly in August amid questions about his ties to

China

was California's highest-paid California state employee in 2019, according to watchdog Transparent California.

Yu Ben Meng served as CIO of the California Public Employees Retirement System (CalPERS) for less than two years. He received approximately $1.5 million in pay and $215,000 in benefits in 2019 according to Transparent California's

database

HOUSE POISED TO CUT ROGUE CHINESE FIRMS OFF FROM AMERICAN INVESTORS

California's second-highest compensated public employee was Christopher Ailman, CIO of the California State Teachers' Retirement System, who earned roughly $1 million in total pay according to Transparent California.

CalPERS and Meng had been under pressure from Rep.

Jim Banks

, R-Ind., about ties to

China

since earlier this year.

"Not only did CalPERS increase its investments in Chinese Communist Party affiliated companies while Yu Ben Meng was at the helm, we have now learned he was personally invested in companies with ties to the Chinese Communist Party," Banks previously told FOX Business in a statement.

After Meng's resignation, California’s Fair Political Practices Commission said in August it would

investigate

allegations involving Meng.

Meng's resignation came after a post from the financial blog

Naked Capitalism

claiming he committed a felony by filing "demonstrably false financial disclosure documents."

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Meng left "to focus on my health and on my family and move on to the next chapter in my life," he said in a

statement

in August.

Meng started at CalPERS in 2008 but left, eventually becoming deputy CIO of China’s State Administration of Foreign Exchange.

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