Ted Eliopoulos is stepping down as chief investment officer at the California Public Employees' Retirement System, after a four-year run.

Why it matters: CalPERS is the country's largest public pension system, with more than $325 billion in assets under management.

Eliopoulos will leave at year-end, and a search for his successor begins immediately.

In a statement, Eliopoulos said he is relocating to New York so that he can be closer to his family. Prior to becoming CIO in 2014, Eliopoulos has overseen CalPERS' real assets investing program.