Sanford Jacoby, distinguished research professor of management, public policy and history, commented in a Sacramento Bee story on the most recent salary data released from the State Controller’s Office showing that the number of million-dollar-plus-earning civil servants has increased in recent years. The story notes that among the highest paid employees, a number come from the state’s two public pension funds, CalPERS and CalSTRS. While recognizing that the compensation for these employees is high, Jacoby said that similar positions on Wall Street “are much, much higher,” explaining that CalPERS, for example, is the largest public pension fund in the country with more than $5 billion in assets. In addition, he said, public pension funds also have to contend with the private sector poaching investment professionals, offering more generous salaries. “There’s a labor market, and if a fund ignores it, there’s a bigger chance it will have more mediocre financial results.”