The Fresno Bee turned to Saint Mary's School of Economics and Business Administration (SEBA) professor Jim Hawley for his thoughts about new restrictions placed on the California Public Employees' Retirement System (CalPERS) as a result of the new state budget. Under a plan worked out by Governor Arnold Schwarzenegger and lawmakers, the nation's largest public pension system will have to scale back pensions for new workers and explain itself to the governor, state treasurer and legislature when it needs more tax dollars. Hawley, the director of the Elfenworks Center for the Study of Fiduciary Capitalism at Saint Mary's is an expert on corporate governance, executive compensation and pension fund management.

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