CalSTRS Expresses Sorrow at the Passing of CalPERS CIO Joe Dear
Mr. Dear’s passing leaves sadness at both public pension funds.

Statement Ricardo Duran

WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System’s (CalSTRS) Chief Investment Officer Christopher J. Ailman expressed his sadness at the news of the February 26 passing of an esteemed colleague, Joseph A. Dear, Chief Investment Officer of the California Public Employees’ Retirement System. Mr. Ailman issued the following statement:

“It is with a very heavy heart that I sadly share the news of Joe Dear’s passing. Our thoughts go out to his family.

“I have worked with the last five CalPERS CIOs and, in my view, Joe was the best of them. He and his wife, Anne Sheehan, Director of Corporate Governance at CalSTRS, have been happily married for the past year and it has been very special to see them together. My heart breaks for her.

“While Joe and I both worked for the Washington State Investment Board, our paths did not cross, but I knew of him by reputation. I gained more and more respect for Joe with each new revelation. I was CIO there from 1996 until 2000. Joe became Executive Director of the board after I left. When he came to California, we developed a close friendship.

“Joe led by example and held numerous important positions at the State of Washington and with the federal government. But most of all, I will always remember Joe’s love of the mountains in Washington. He grew up in the East but, as a college student, once he set eyes on Mount Rainier, he was forever smitten.

“I ask the CalSTRS investment staff to take a moment of silence in contemplation of the impact Joe Dear had on CalPERS and especially to think of the love he shared with Anne and his family.”

The California State Teachers’ Retirement System, with a portfolio valued at $176.2 billion as of January 31, 2014, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans. CalSTRS also provides disability and survivor benefits. CalSTRS serves California’s 868,000 public school educators and their families from the state’s 1,600 school districts, county offices of education and community college districts.