CalPERS

CalPERS
Basic facts
Location:	Sacramento, California
Type:	Government agency
Top official:	Marcie Frost, Chief Executive Officer
Year founded:	1932
Website:	Official website

The California Public Employees' Retirement System (CalPERS) is an agency in the executive branch of the California state government that manages the pension fund for retired state and local employees. As of September 2025, CalPERS' website said it "serves more than 2 million members in the CalPERS retirement system and administers benefits for more than 1.5 million members and their families in our health program."

Background

The state of California founded the agency as the State Employees' Retirement System (SERS) in 1932. In 1939, local governments were granted the option of opting into the system, which was originally exclusive to state government employees. SERS expanded to cover health insurance plans as well as retirement in 1962. The organization adopted the CalPERS name in 1992.

As of September 2025, the California Public Employees' Retirement System had the following mission statement: "Deliver retirement and health care benefits to members and their beneficiaries."

As of September 2025, the organization outlined the following six core values:

Quality

• Consider, understand, and manage risk
• Proactively explore policy and product opportunities to better serve our customers
• Seek to "do it right" the first time
• Strive to exceed customers' needs and expectations through competence, innovation, and teamwork

Respect

• Are courteous, responsive, and professional
• Stay present in the moment and actively listens to understand others
• Treat every person with kindness and humility
• Value and recognize every individual for their unique skills, talents, and contributions

Accountability

• Find solutions that contribute to desired results
• Give and seeks clear expectations
• Make sound decisions from experience, good judgment, and collaboration
• Take ownership of, and responsibility for, actions, risks, and results, and use outcomes as learning opportunities

Integrity

• Act in all endeavors with an ethical, honest mindset and in a professional manner
• Are truthful in all actions and communications
• Honor commitments, keep promises, and build trust

Openness

• Approaches every situation with good intentions
• Are receptive to new and diverse ideas
• Encourage a trusting environment by being genuine and transparent in actions and communications
• Listen, cooperate, and share across the organization

Balance

• Embrace opportunities for personal and professional development
• Maintain focus on long-term goals while meeting short-term needs
• Support a healthy personal and professional balance
• Support an environment that is optimistic and enjoyable in which relationships can prosper across our organization and communities

Leadership

As of September 2025, the following individuals held leadership positions at the California Public Employees' Retirement System:

• Marcie Frost, chief executive officer
• Stephen Gilmore, chief investment officer
• Michael Cohen, chief operating investment officer
• Douglas Hoffner, chief operating officer
• Stephenson Loveson, chief information officer
• Kim Malm, deputy executive officer for customer services & support
• Donald B. Moulds, Ph.D., chief health director
• Michele Nix, chief financial officer
• Brad W. Pacheco, deputy executive officer for communications & stakeholder relations
• Scott Terando, chief actuary
• Michelle Tucker, chief human resources officer

As of September 2025, the following individuals sat on the board of directors of the California Public Employees' Retirement System:

• Theresa Taylor, president
• David Miller, vice president
• Malia M. Cohen
• Michael Detoy
• Fiona Ma
• Lisa Middleton
• Eraina Ortega
• Jose Luis Pacheco
• Kevin Palkki
• Ramón Rubalcava
• Yvonne Walker
• Mulissa Willette
• Dr. Gail Willis

Work and activities

Member services

As of September 2025, the California Public Employees' Retirement System offered seven services to members and retirees:

“

California Employers' Benefit Trust (CERBT): CERBT is a Section 115 Trust fund dedicated to prefunding Other Postemployment Benefits for all California public agencies. Even those not contracted with CalPERS health benefits can prefund future retiree benefits such as health, vision, dental, and life insurance. Death: Upon an active member's or retiree's death, we provide benefits to their beneficiaries or survivors based on the member's occupation and employer, employment status at the time of death, and specific provisions in the contract between CalPERS and the employer. Deferred Compensation (401k, 457, etc.): Our deferred compensation plans include Supplemental Income 457 and Supplemental Contributions. Members can enroll in the 457 Plan if their employer participates in the plan. Disability & Industrial Disability: We offer disability retirement (the cause of disability doesn't need to be related to employment) and industrial disability retirement (disability due to a job-related injury or illness). Benefits are determined by the member's employer, occupation, and specific provisions in the contract between CalPERS and the employer. Health: We provide health benefits to more than 1.5 million public employees, retirees, and their families through health plans from Preferred Provider Organizations, Health Maintenance Organizations, and Exclusive Provider Organizations. Open Enrollment is held each fall to allow members to make health plan changes. Long-Term Care: CalPERS Long-Term Care is an optional, employee-paid benefit available to all active members, retirees, and their eligible family members, including children and siblings between the ages of 18 and 79, parents, parents-in-law, and spouses. Retirement: We cover state, school, and contracting local public agency employees, as well as some judges and legislators. Retirement benefits are calculated using a defined formula rather than contributions and earnings to a savings plan. The member's years of service credit, age at retirement, and final compensation are used in the formula. Additionally, retirement formulas vary based on the member's employer, occupation, and specific provisions in the contract between CalPERS and the employer.

”

Finances

The following is a breakdown of the California Public Employees' Retirement System's contributions and payments from 2019 to 2024 . The information comes from the California Public Employees' Retirement System.

California Public Employees' Retirement System financial data 2019-2024

Year	Contributions	Payouts
2019–2020	$22.1 billion	$25.8 billion
2020–2021	$20.0 billion	$27.4 billion
2021–2022	$22.7 billion	$29.1 billion
2022–2023	$24.2 billion	$31.1 billion
2023–2024	$24.9 billion	$32.8 billion

See also

• What is an influencer?
• California Proposition 162, the "Pension Protection Act" (1992)

External links

• California Public Employees' Retirement System official website
• California Public Employees' Retirement System on Facebook
• California Public Employees' Retirement System on LinkedIn
• California Public Employees' Retirement System on Instagram
• California Public Employees' Retirement System on X
• California Public Employees' Retirement System on YouTube