The California Public Employees Retirement System, the largest U.S. pension fund, will evaluate a proposal to restrict how quickly former employees and executives may take jobs with money managers.

Under the plan, Calpers staff and board members would be prohibited for two years from taking jobs with any company awarded $10 million or more in business during the preceding five years.

The ban was recommended by an outside law firm the board hired to strengthen ethics policies amid an influence-peddling scandal a year ago. The firm, Steptoe & Johnson LLP, also suggested that Calpers forbid board members from accepting gifts from people doing business with the fund.

“We are doing what we need to do to move forward,” Calpers President Rob Feckner said at a board meeting in Sacramento. “But I would hate to see a black eye painted across this entire board for the actions of others.” Calpers had assets of $229.5 billion as of Feb. 14.

The California attorney general’s office has accused former Calpers board member Alfred Villalobos of trying to improperly influence investment decisions to favor Apollo Global Management LLC and other private-equity clients. Federal and state agencies are probing the use of so-called placement agents, or private middlemen hired by money managers, to help win investment assignments from U.S. public-pension funds. Villalobos has denied wrongdoing.