CalPERS To Drop Medco Following Bribery Scandal
On Wednesday, CalPERS announced that it will not renew a drug-benefits contract with Medco Health Solutions, following recent reports about payments Medco made to former CalPERS board member Alfred Villalobos. Under the existing contract, which expires Dec. 31, Medco receives $8 million annually to deliver mail-order drugs to members of CalPERS' PPO plan.
- "CalPERS To Drop Drug Firm Tied to Scandal" (Kasler, Sacramento Bee, 3/17).
"CalPERS Calls Off Negotiations With Medco" (Robertson, Sacramento Business Journal, 3/16).