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CalPERS
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The California Public Employees' Retirement System (CalPERS) is an agency in the California executive branch that "manages pension and health benefits for more than 1.6 million California public employees, retirees, and their families."[1] CalPERS is the largest public pension fund in the nation with assets totaling $260.9 billion as of August 31, 2013.[2] In fiscal year 2007-2008, $10.88 billion was paid in retirement benefits,[3] and in calendar year 2009 it is estimated that over $5.7 billion will be paid in health benefits.[4]
CalPERS lost $69 billion (more than a quarter of its value) in the 2008 housing and stock market crash.[5]
In 2010, the fund was 63% funded.[5]
Governance
CalPERS is governed by a 13-member board. Six of them are union members.[5]
See also
External links
Footnotes
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