CalPERS

CalPERS is an acronym for California Public Employees Retirement System. CalPERS is the State of California agency that manages the largest public pension fund in the United States.^[1]

As of late 2009 there were 215 participating public agencies.

Contents 1 History 2 Products and Services 3 Membership 4 Key People 5 References

History

CalPERS was established by state law in 1932 to provide retirement benefits for state employees. In 1939, public agency and classified school employees were allowed to participate. In 1962, state law authorized CalPERS to provide health benefits to state employees. The health benefits program was expanded in 1967 to include public agency and school employees. In 1995, CalPERS began offering a supplemental deferred compensation retirement savings plan to members of public agencies that contract for it, and long‐term care insurance on a not‐for‐profit basis.^[2]

In 2009, CalPERS launched social media presence efforts on Facebook, Twitter and YouTube.

Products and Services

CalPERS is the manager for the $195.5 billion State of California Employee Pension Fund. ^[3]

Membership

Membership in CalPERS is restricted to State of California employees, teachers within the State of California, and participating local government agency employees.

Key People

The Board of Administration of CalPERS is composed of both elected and appointed members. Six board members are elected. Of the elected board members two are elected by all CalPERS members, one is elected by active state members, one by active school members, one by public agency members, and one by retired members.

Three board members are appointed. Two are appointed by the Governor of the State of California, one by the Speaker and Senate Rules Committee of the State of California legislature.

Four board members are designated by statute: the state treasurer, state controller, the director of the department of personnel, and a member designated by the state personnel board. ^[4]

• Chief Executive Officer, Anne Stausboll

• Deputy Executive Officer, Benefits Administration, Kathleen Hamilton

• Deputy Executive Officer, Operations Stephen W. Kessler

• Director, External Affairs, Patricia K. Macht

• Assistant Executive Officer, Information Technology Services, Teri Bennett

• Chief Investment Officer, Joseph Dear

• Assistant Executive Officer, Administrative Services, Larry Jensen

References

1. ↑ Investments. CalPERS.
2. ↑ Facts At A Glance. CalPERS.
3. ↑ General Information. CalPERS.
4. ↑ General Information. CalPERS.