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In August of 2018, Michael Cohen was named as the Chief Financial Officer of CalPERS, the California Public Employees' Retirement System. He oversees all financial systems and risk programs of the pension fund. The fund serves more than 1.9 million members in the CalPERS retirement system and administers benefits for more than 1.4 million members and their families in its health program, making it the largest defined-benefit public pension in the U.S.

From 2013 to 2018, Michael Cohen served as California Director of Finance. In this capacity, he served as the Governor Jerry Brown’s chief fiscal policy advisor. Prior to becoming Director, he served as Chief Deputy Director of the Department of Finance from 2011 to 2013, serving as the department’s lead contact with the state Legislature on the state budget.