California Senator Endorses Bitcoiner For $500B Pension Board

Bitcoin Magazine

California Senator Endorses Bitcoiner For $500B Pension Board

California State Senator Ben Allen has endorsed bitcoin nonprofit founder Dom Bei in his campaign for a seat on the board of the California Public Employees’ Retirement System (CalPERS).

CalPERS oversees a massive $500 billion pension fund serving over 2 million public sector retirees. If elected, Bei would be the first openly pro-bitcoin voice on the 13-member board.

Bei is a 16-year veteran firefighter who founded Proof of Workforce, a nonprofit providing bitcoin education to workers, unions and pension funds. He previously served on Santa Monica’s pension advisory board and played a key role in the city’s firefighters union, becoming one of the first to hold bitcoin.

Through his outreach work, Bei has assisted multiple unions, associations and pensions in exploring and adopting bitcoin strategies. This includes spearheading education efforts for the Wisconsin Retirement System. Bei now hopes to bring his bitcoin experience directly to CalPERS, which manages retirement assets for California police, firefighters, teachers and other public employees.

Senator Allen stated, “Now more than ever, pension participants need engagement and transparency from CalPERS. I endorse Dom Bei to be that conduit as a member laser-focused on the fund’s long-term health.” Other notable endorsements include Santa Monica Mayor Lana Negrete, California Treasurer candidate Tony Vazquez and over a dozen state legislators.

CalPERS faces growing headwinds with its traditional 60/40 portfolio allocation, struggling amid inflation and rising interest rates. With ballots going out in late August, Bei’s bitcoin credentials could resonate with California’s public workforce seeking new strategies to shore up their retirement security.

His campaign website accepts donations in both fiat and bitcoin.

This post California Senator Endorses Bitcoiner For $500B Pension Board first appeared on Bitcoin Magazine and is written by Vivek Sen Bitcoin.

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