noted cronyism and conflicts of interest among Board members. A president of the Board, Sean Harrigan, was removed from his position in December 2004 amid criticism for his activism on matters of corporate governance. He claimed his removal was politically motivated. In September 2014, California's State controller, John Chiang criticized the fund for "passive" approach towards pension spiking - a practice of inflating workers' benefits just before retirement in order to boost their pensions- and failing to adequately review payroll data, inviting abuse. Executives CalPERS employees perform under the direction of the chief executive officer (CEO) of CalPERS. Past CEOs have been: Earl W. Chapman (1932–1956); Edward K. Coombs (acting, 1956); William E. Payne (1956–1974); Carl J. Blechinger (1975–1983); Sidney C. McCausland (1984–1986); Kenneth G. Thomason (acting or interim, 1987); Dale M. Hanson (1987–1994); Richard H. Koppes (interim, 1994); James E. Burton (1994–2002); Robert D. Walton (interim, 2002); Fred R. Buenrostro, Jr. (2002–2008); Kenneth W. Marzion (interim, 2008–2009); Anne Stausboll (2009–June 2016); and Marcie Frost (October 2016 – Present). Reporting to the CEO, the executive officers of CalPERS are: deputy executive officers for customer services and support, health benefit programs, policy and planning, operations and technology, and external affairs; a general counsel; a chief actuary; and a chief financial officer; a chief information officer; a chief risk officer; and a chief investment officer. Under the executive officers, CalPERS employees work in 23 major branches, divisions, and offices. Approximately $415.1 million is budgeted in 2014-2015 for administrative functions in CalPERS, such as paying the salaries of 2,700 CalPERS employees. Operations Investment income gains and losses 1999-2021 CalPERS current fund balance value as of June 2021 is 466.66 Billion. CalPERS derives its income from investments, from member contributions, and from employer contributions. Investment Income has fluctuated in the last 15 years, 1999–2013, with five years of losses and 10 years of gains. There were investment income gains of $17 billion in 1999, $16 billion in 2000 and $5 billion in 2003. The stock market declines in 2001 led to investment income losses of 12 billion in 2001 and 10 billion in 2002. Thus, the five-year period 1999 to 2003 period had a cumulative income of $16 billion, or about three billion a year on an investment portfolio of over $200 billion. The next four years were a period of investment income stability; a 24 billion investment income in 2004, 22 billion in