California Legislators have 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.
He stated, “Now more than ever, pension participants and stakeholders need to engage with with their pension funds. I am running for the CalPERS Board of Trustees with the goal of being a conduit for engagement and transparency, while advocating for the long term health and success of the nation’s largest pension fund.”
He received endorsements from a wide range of supporters including the California State Senator Ben Allen, Tony Vazquez of the California Board of Equalization, Santa Monica Mayor Lana Negrete, Vancouver Mayor Ken Sim, President of the Santa Monica Firefighters Local 1109 Garrett Childers and others. This diverse coalition demonstrates the broad appeal of Bei’s message and qualifications.
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.