真正的公务员

二月中旬，罗布·费克纳坐在萨克拉门托他那间没有窗户的小办公室里，电话铃响了。电话那头是美国最著名、也是最有争议的首席执行官之一，沃尔特迪斯尼公司（Walt Disney Co.）的迈克尔•艾斯纳（Michael Eisner），他在飞往明尼阿波利斯（Minneapolis）召开股东年会的途中从公司专机打来电话。

Feckner, a 47-year-old glazier just days from becoming president of the board of the California Public Employees' Retirement System, wasn't expecting the call. But he knew immediately its purpose. Eisner hoped that CalPERS would vote its 9.4 million Disney proxies in favor of his reelection to the Disney board.

A year earlier, under Feckner's predecessor, Sean Harrigan, $183 billion-in-assets CalPERS had led a group of pension funds calling on Eisner to step down as chairman and CEO. Under pressure, Disney's board in March 2004 took the chairmanship from Eisner; that September, Eisner announced that he would step down as CEO in 2006. But the media mogul had not yet committed in writing to leaving the job or the board, and that rankled Feckner.

"Nothing has changed," the CalPERS president told Eisner. "We're voting no."

Later, Feckner softened the blow. He decided not to issue a press release reporting on the proxy vote, as CalPERS had done in the past. "We could have done that. But I didn't want to say, 'Mr. Eisner, you're a jerk,'" Feckner remarks.

结果证明，不需要胆汁。不久之后，艾斯纳表示，他将于今年9月辞职，比预期提前一年。

Low-key and unassuming, a natural consensus builder who works quietly behind the scenes, Feckner took the reins of the country's most influential pension plan at a tumultuous time. On February 16 he succeeded hard-charging, headline-creating California labor leader Harrigan, who had been ousted in December after two years in office. CalPERS, which provides retirement and health benefits to 1.4 million workers, has long been a champion of shareholder rights. But under the fiery Harrigan, the nation's biggest pension fund lost support among corporate governance advocates amid sharp criticism by corporate groups that its fights had become politicized and scattershot.

当他签约成为加州公共福利院（CalPERS）总裁时，费克纳还继承了与加州州长阿诺德施瓦辛格（arnoldschwarzenegger）就一系列旨在帮助缩小巨大预算缺口的财政改革展开的激烈斗争。改革将要求新聘用的公共雇员获得401（k）型退休账户，而不是传统的养老金计划。随着时间的推移，这可能会严重减少CalPERS。州长坚持说，州政府再也负担不起支持养老基金的负担，并威胁说，如果立法机构不通过一项法律授权进行改革，他将在今年秋天的一次特别选举中向选民提出这一问题。

四月下旬，面对支持率的下降和反对他的提议的强烈反对，州长放弃了秋季投票计划。不过，施瓦辛格说，他计划在2006年6月的投票中提出一项倡议，除非立法机构颁布他可以接受的养老金改革法案。州长助手们提出的建议包括：提高退休年龄、削减福利、要求养老金体系购买衍生品以减少其投资组合的波动性。

费克纳说：“我们很高兴州长让步了，希望这能让我们展开一些对话。”但我们不会忽视这样一个事实：州长说他可能会带回一份固定缴款计划的提案。我们不会放弃捍卫美国最大的公共养老基金的努力。”

在新领导人的领导下，卡尔珀斯将继续作为该国的主要股东活动家之一。在过去几年里，养老金计划一直在推动增加独立董事、审计师独立性以及限制其持股公司高管薪酬过高。费克纳可能说话温和——他说他可以用一只手的手指数他发脾气的次数——但他承诺会像他的前任一样有力地倡导公司治理。

Most recently, Feckner has taken aim at American International Group, the embattled insurer under investigation by New York State Attorney General Eliot Spitzer and the Securities and Exchange Commission, among others. Feckner and Philip Angelides, the state treasurer and a powerful CalPERS trustee who will run for governor in 2006, urged the pension plan's 13-person board to fight to recoup about $240 million in stock losses that the fund has sustained from its 12.5 million-share stake in AIG. "The losses we have experienced at AIG are beyond the realm of excessive," Feckner says.

挑战AIG符合养老金计划股东积极主义的传统。不过，去年，CalPERS甚至遭到了长期支持者的抨击，他们认为庞大的养老金计划滥用了其代理权。董事会最具争议的举动发生在2004年4月，当时董事会投票要求罢免超市巨头Safeway的董事长兼首席执行官史蒂文•伯德（Steven Burd）。ThenCalPERS董事会主席哈里根是联合食品和商业工人工会的国际副主席。他作为州人事委员会的指定人员加入CalPERS，该委员会代表公务员；成员由州长任命，任期十年。批评人士指责说，这项计划是对伯德对罢工的西夫韦工人采取强硬立场的不公平报复，后者属于哈里根的工会。

"Because of Sean Harrigan the argument that shareholder activism is a labor union conspiracy is no longer irresponsible," says shareholder activist and author Robert Monks. "Harrigan has provided the atrocity story that is always going to be available to people who want to undercut responsible corporate governance."

Feckner says he wouldn't have done anything different on Safeway. In fact, he says it was he who took the lead when the board began to discuss its Safeway investment. Still, he adds: "Sean didn't help himself with his style of leadership, which people took to be abrasive and boisterous. We can deliver a strong message without the same media splash."

在2003年和2004年担任强大的投资委员会主席期间，费克纳赢得了一个领导者的声誉，他能够展开激烈的辩论并达成持久的共识。他是受托人接替哈里根的明确人选。（其中6名受托人由在职或退休的养老金计划成员选举产生，其中大部分成员属于公共工会；2名受托人由州长任命；1名受托人由加利福尼亚州议会议长任命；4名当然受托人是州财务长、州财务长、州财务长、州长、州长、州长、州长和州长。），人事行政司司长和国家人事局指定人员。）

“Rob代表了一种安静的，幕后的，完成任务的方法，”州控制员SteveWestly说从长远来看，这是一种风格上的改变，可能有助于使CalPERS更有效。”

但费克纳不是一个容易上当受骗的人。”“他不是一个浮华的人；他不是一个火爆的人，”国家财政部长安吉利德斯说罗布是个工人，他从不自欺欺人。但是，孩子，他坚如磐石。”

当费克纳努力为养老基金辩护，反对批评人士时，他可以指出该计划稳健的投资表现。自2001年12月以来，在CalPERS首席投资官MarkAnson的领导下，该计划的投资组合去年增长了13.3%。而威尔希尔协会（Wilshire Associates）追踪的资产超过10亿美元的公共养老基金的中位数为11.8%。在过去的三年里，加州计划的年平均增长率为8.1%，而中位数为7.5%。在过去的十年里，平均每年增长10.4%，与中位数相当。

施瓦辛格的盟友认为，该基金的业绩令人印象深刻，但并不重要。他们说，任何州、市或公共机构都承担不起支持固定收益计划的义务。金融风险实在太大了。

不足为奇的是，施瓦辛格从上任的第一天就开始关注财政问题。在2003年10月的罢免选举中击败州长格雷·戴维斯后，施瓦辛格面临150亿美元的预算缺口。为了平衡截至2005年6月30日的财政年度的预算，他借入了所需的150亿美元。现在他面临着2005-06财政年度约60亿美元的预计缺口。州长坚持他将在不增加税收的情况下平衡预算，并提出了1157亿美元的预算，其中包括削减教育、社会服务和州雇员薪酬。

目前尚不清楚施瓦辛格是否会对养老金改革感到满意，这些改革没有引入固定缴款计划。很明显的是，政府雇员并不是严格要求401（k）式的退休计划。有10个州为其雇员推出了固定缴款计划。即使在密歇根州和西弗吉尼亚州，参与率也很低，在那里，这些计划对一些雇员是强制性的（见方框）。

加州公务员退休基金新任总统在2月了board in a 9-3 vote to oppose new defined contribution plans, vows that state workers will never give up guaranteed benefits. "Defined benefits are an insurance policy," Feckner says. "It's something people have worked for forever."

罗布·费克纳懂得努力工作。卡尔伯斯总统住在纳帕的3.5英亩土地上，俯瞰着一个峡谷和一片150英尺高的红杉林。他的外祖父在20世纪30年代末买下了这处房产，费克纳一家在20世纪60年代初搬到了那里。费克纳的父亲查克在海军担任航空母舰消防员后，在太平洋天然气与电力公司（Pacific Gas&Electric Co.）担任线员。他的母亲弗吉尼亚州（Virginia）在空军从事供应业务数年。她辞掉工作，抚养罗伯和他的弟弟斯科特，后者于1963年被收养。

费克纳长大后，他和邻居、终身朋友库尔特·亨克（Kurt Henke）是瓦莱霍市消防局的消防局长助理，他们在漫长的夏夜里清理灌木丛、砍柴，为家里取暖的炉子提供燃料。”总有工作要做。我们可以在一个冬天穿过11或12根木索，”亨克说。

亨克形容费克纳的父亲是一个身体强壮的纪律主义者，“他可以拿起一根电线杆的末端，把它放在一辆小货车的后面。查克会把衬衫脱下来给一个被压迫的人，但他可能是个狗娘养的。“你没有表现出不尊重，或者你得到了老式的处理方式。”费克纳感到了他父亲的愤怒“军队从来不是我的风格，”他说我不能遵守那种规则。我总是质疑权威。我父亲和我经常吵架。”

费克纳的父母在1976年分居（后来离婚）；他的父亲退出了他的生活，留下18岁的费克纳帮助养家。”亨克说：“为了照顾他的母亲和兄弟，罗伯付出了比一般人想象中更多的牺牲。”这有点难受。看看他今天在哪儿。”

费克纳在纳帕谷社区学院学习工商管理两年半，但未能毕业。作为一名学生，他兼职驾驶校车，并为一名患有肌肉萎缩症的儿童担任教育助理。费克纳随后成为德莫莱国际（DeMolay International）的青年顾问，这是一个共济会兄弟会，旨在向12至21岁的年轻人灌输道德原则。这是终身参与本组织的开始。

1983年，费克纳结婚，在纳帕谷联合学区做了一份全职的垃圾收集者工作。这段婚姻只持续了16个月，工作也没持续多久。1985年，费克纳获得了玻璃工的资格；他为学区修窗户，修理天花板和地板瓷砖。

作为一个天生的领导者，费克纳发现自己被工会活动所吸引，在那里他越来越集中精力。1988年，他当选为加州学校雇员协会Napa分会主席（其成员为学校雇员，而非教师或行政人员）。同年他再婚了。那场婚姻也只持续了16个月。

费克纳被证明是一个强硬的谈判，纪律严明，但外交，无情。他强调了一个被称为“基于利益的谈判”的过程。与传统的交易者陈述自己的立场并尽可能少地让步不同，基于利益的谈判者专注于确定共同的目标并找到协商一致的解决方案。费克纳进行了激烈的讨价还价，不仅是为了更好的报酬和福利，而且是为了更大程度地尊重和同情他的工人。

To give a custodian with limited literacy a chance for promotion, for example, Feckner persuaded management to have a qualifying exam read aloud. "Rob has a deep respect for people for who they are and not what they do," says Barbara Phare, who retired last year as assistant superintendent of the Napa Valley school district. Three years ago, when budget cutbacks forced a one-third cut in the number of maintenance workers, Feck-ner insisted that the district not hire nonunion employees when it could afford to replace the fired workers.

法尔说：“他诚实、直截了当地对待真理，这使他受到人们的喜爱。”。学区负责人约翰格拉泽补充说：“罗伯既不报复，也不以权力为导向。他是一个脚踏实地的领导人，了解政治，是一个非常有效的倡导者。这就是为什么他会有这样的成就。”

After serving as president of the Napa chapter of the CSEA, Feckner joined the association's statewide board in 1996; three years later he became the CSEA's representative on the CalPERS board. He was a quick study; by 2001 his fellow trustees had elected him head of the health and benefits committee.

两年后，费克纳赢得了投资委员会主席这一重要职位，他很快就表明了对公司改革的承诺。2003年4月，在他担任委员会主席一个月后，CalPERS批准了对Taiyo基金的2亿美元投资，该基金投资于表现不佳的日本公司，希望通过改善公司治理来扭转局面。同年晚些时候，该委员会公开反对其认为过高的高管薪酬，决定将投票反对任何不禁止股票期权重新定价的薪酬计划。它还要求CalPERS用于交易的90家投行和券商采用一套15项标准，以防止利益冲突。

But CalPERS's activism took a decidedly new turn last year when the fund demanded the ouster of Safeway CEO Burd. Because Harrigan is an official of the grocery workers' union that had been striking against Safeway since October 2003, Feckner took the lead when the board began a discussion of its investment in the stock. In December 2003, Feckner wrote a letter to Burd urging him to wrap up negotiations with workers and provide basic health care. "We feel that your corporation's blatant disregard for quality-of-life issues for your long-term employees is having a significant impact on our investment," the letter said.

然后在2004年4月，罢工工人认输并接受了工资较低、新雇员医疗保险减少的两级制度两个月后，费克纳致函西夫韦的董事会，要求罢免伯德。

加州共和党女发言人凯伦•汉雷蒂（Karen Hanretty）说：“卡尔珀斯的参与是一场明显的利益冲突。”这一切都与工会成员有关，与Safeway是否是一项好的投资关系甚微。”

"The longer the strike dragged on, the more it was costing our fund money," Feckner argues. "It you're dropping that kind of money, it's going to hurt the portfolio."

甚至一些CalPERS的受托人也承认，这一事件给公司的激进主义蒙上了一层阴影。”董事会副主席兼高级成员罗伯特卡尔森（robertcarlson）说，他从1971年开始任职。

From his first days in office, Feckner avoided the gunslinger approach. Tackling the high-profile issue of proxy voting, Feckner led the board in a move to soften CalPERS's widely criticized policy of opposing corporate directors with perceived conflicts of interest. Previously, the pension fund had automatically withheld proxy votes from members of audit committees of companies that used outside auditors to perform nonauditing jobs, such as tax consulting.

However, Feckner's CalPERS is hardly defanged. The fund may still vote against corporate audit committee members in cases of "egregious behavior." The upshot: In the current proxy season, CalPERS projects that it will withhold votes from about 5 percent of directors up for reelection at the 1,940 companies in its stock portfolio, compared with 24 percent of directors in 2004.

"Last year we went too far and used a shotgun instead of focusing on a few companies," says board vice president Carlson, who served as CalPERS president from 1976 to 1985.

As Feckner fights to protect CalPERS from any future attacks by the governor, a key element of his strategy has involved changing accounting policies to reduce the volatility of state infusions into the plan. The swings in state contributions -- minimal when markets are strong, more substantial when markets are weak -- can wreak havoc with a state's finances. In April the CalPERS trustees decided to revise the fund's actuarial methods to lessen the volatility of the required contributions. Beginning in fiscal 2006, CalPERS will use an unusually long time period -- 15 years -- to calculate what accountants call the smoothed actuarial value of assets. That's a moving average that evens out the swings in market value from year to year. The new method of calculation will lower the state's contribution to CalPERS in the coming fiscal year by $185.6 million, to $2.42 billion. Previously, the pension fund had smoothed over a three-year period; most public plans use a five-year time frame, according to Rick Roeder, an actuary with Gabriel, Roeder, Smith & Co. in San Diego.

Some pension experts think that smoothing is misleading because the actuarial value of a plan's assets can be far removed from the market value. "There's some merit in using smoothing if the sole purpose is to stabilize the level of contributions," says Kenneth Buffin, president of Buffin Partners, a pension consulting firm in Sparta, New Jersey. "But it can result in a funding ratio that is greatly overstated."

在4月的会议上加州公务员退休基金受托人也wrote new accounting rules that will ensure that the smoothed actuarial value doesn't vary more than 20 percent from the plan's market value. The almost certain result of these accounting changes: a reduction in the volatility of the state's pension contributions.

ASSET ALLOCATION, WHICH IS SET BY THE BOARD with strong input from CIO Anson, is one area where Feckner sees no need for dramatic change. At the end of March, 67.9 percent of the CalPERS portfolio was invested in U.S. and foreign publicly traded equities and U.S. private equity (CalPERS is one of the country's biggest private equity investors, with holdings of $8.7 billion), 25 percent in bonds, 6.1 percent in real estate and 1 percent in cash equivalents.

Back in 2000, CalPERS shook the pension and hedge fund worlds when it proclaimed its intention to invest $1 billion in hedge funds (the investments are categorized as part of the global equity allocation). But the pension fund has moved slowly and had invested $921 million as of the end of February.

"We took our time," says Anson, noting that the fund was deliberately cautious as it set up risk management and other controls. "Now it will be easier to invest." In December, he says, CalPERS boosted its hedge fund allocation to $2 billion and may soon target it at 3 percent of the global equity allocation, or about $3.6 billion. At the moment there's no timetable for putting the money to work. "I don't think we should be rash," the CIO says.

Even as the board addresses Schwarzenegger's concerns about the volatility of contributions, Feckner remains intransigent in his opposition to any kind of public 401(k).

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不足为奇的是，CalPERS发现自己得到了消防队员、教师和护士的支持，他们都是州长提议改革的直言不讳的敌人。护士们对施瓦辛格试图降低护士所需人员编制感到不安，这一企图最近在法庭上遭到了回击。属于加州教师退休制度的教师不喜欢绩效工资的想法。

警察和消防队员抱怨说，实行固定缴款计划将剥夺死亡和伤残津贴。施瓦辛格和基思·里希曼（keithrichman）是共和党议员，他们起草了一份养老金法案，州长对此表示赞同，但他们坚持认为，这从来都不是计划的一部分。但是，由民主党人、可能是2006年州长候选人的加州总检察长比尔·洛克耶（Bill Lockyer）起草的一份提案摘要的第二句话表明，这项措施将消除这些好处。施瓦辛格被迫退却。

施瓦辛格撤退后，Richman很快提出立法，将设立一个固定缴款计划和一个低成本混合固定收益固定缴款制度。在混合体制下，该州的养老金将被限制——白领为7%，教师为10%，警察和消防员为14%。这些比率比正常比率高出约1个百分点——如果养老金计划得到100%的资助，国家将支付的百分比。在混合系统中，资金将在固定收益和固定缴款计划之间分配，比例取决于投资回报。员工也会做出贡献。

里希曼的法案还将保证因公死亡的警察和消防队员的幸存者将获得100万美元的一次性付款。目前，他们每年领取死者最终工资的一半，随着时间的推移，很容易达到100万美元以上。

民主党以48票对32票控制州议会，25票对15票控制州参议院，他们对里希曼的提议几乎没有兴趣。他们对一项打击残疾欺诈的法案和另一项根据退休人员最后三年的工资而不是当前最后一年的工资来计算退休收入的法案也很冷淡。

但费克纳希望看到一些折衷方案，阻止施瓦辛格召开特别选举，就公共固定缴款计划进行投票。

费克纳说：“我觉得我们的精算人员为我们创造了新的和创新的方法，以稳定国家缴款率。”我希望他们的努力得到回报，州长决定，固定收益和固定贡献的问题可以在日落时消失。”