22 Facts About CalPERS


Outside the U S, CalPERS has been called "a recognized global leader in the investment industry", and "one of America's most powerful shareholder bodies".

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CalPERS began PERS' emphasis on corporate governance; in addition, he was instrumental in creating the Council of Institutional Investors, an organization of pension funds and other institutions that opposed "greenmail and other corporate practices that benefited only management".

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In 1999, the CalPERS board proposed a benefits expansion that would allow public employees to retire at age 55 and collect more than half their highest salary for life.

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CalPERS predicted the benefits would require no increase in the State's contributions by projecting an average annual return of 8.

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CalPERS then produced a video promoting the legislation with Chairman Crist promising greater benefits “without imposing any additional cost on the taxpayers” and the California State Employees Association president praising it as “the biggest thing since sliced bread”.

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Legal authority for the activities of CalPERS can be found in the constitution, laws, and regulations of the state of California, including:.

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CalPERS is overseen by a 13-member Board of Administration whose members are elected, appointed, or ex officio:.

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CalPERS employees perform under the direction of the chief executive officer of CalPERS.

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CalPERS derives its income from investments, from member contributions, and from employer contributions.

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In 2010 CalPERS revised its strategic asset allocation mix using its Asset Liability Management process.

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CalPERS touted the studies as demonstrating the value of the agency with news releases such as "CalPERS and CalSTRS Pensions Power Up State and Local Economies".

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Two CalPERS employees received 2000 National Association for Employee Recognition Recognition Champion Awards for the employee recognition program.

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CalPERS members contribute a percentage of their salary throughout their active membership.

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At a 2011 legislative hearing, Governor Jerry Brown called CalPERS asserted reliance on bringing in new members “a Ponzi scheme”.

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CalPERS provides benefits to all state government employees and, by contract, to local agency and school employees.

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Besides CalPERS, California has a number of other public retirement systems, including:.

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CalPERS has reciprocity agreements with many of these California public retirement systems that allow retirees with service credit and contributions in two systems to receive payments from both systems.

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CalPERS is responsible for a deferred compensation retirement plan and two other plans to supplement income after retirement or permanent separation from State employment.

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CalPERS offers two types of retirement benefits if a worker is disabled.

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Furthermore, CalPERS agreed to not use an age-based formula in the future, which "basically nullifie[d]" the 1980 state law.

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At the time CalPERS was "called a model for the so-called health alliances" proposed in the 1993 Clinton health care plan.

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That group of people, while less than 4 percent of the total number of retirees receiving benefits from CalPERS, collect 17 percent of the total yearly pension payouts.

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