The former head of Calpers intends to plead guilty to involvement in a "pay-to-play" scheme that roiled the largest US pension fund in the years following the financial crisis.

An attorney for Federico R Buenrostro Jr, who was chief executive of the California Public Employees' Retirement System until 2008, and a federal prosecutor told a federal judge in San Francisco Monday that a plea agreement with U.S. prosecutors could be completed as early as next week.