"What we focus on is what will get the highest value for our members," the spokesman, Brad Pacheco, said.

Brad Pacheco, a fund spokesman, said he was encouraged by the announcement of Mr. Alberthal's resignation, made after the stock market closed.

"The company's performance is the writing on the wall in this situation," said Brad Pacheco, a Calpers spokesman.

"Clearly, that's just a ceiling for us," said Brad Pacheco, a Calpers spokesman.

Brad Pacheco, a spokesman for Calpers, said that the pension fund's executives would monitor the situation at Putnam closely.

"We're not here to be the ugly American," said Brad Pacheco, a Calpers spokesman in California.

Calpers saw no need to object to the fees because the city was already doing so, said Brad Pacheco, a spokesman for the California system.

This small fund is intended, in part, to fill in gaps left by the active money managers, according to Brad Pacheco, a Calpers spokesman.

A spokesman for Calpers, Brad Pacheco, said the pension fund was pleased with the changes but still had questions about the company's performance.

The standards include market liquidity, proficiency in settling trades, political stability, humane labor practices and financial transparency, said Brad Pacheco, a spokesman for the fund.