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Founded 1932
Headquarters Sacramento, CA
Products Pension fund management
Key People Marcie Frost, Chief Executive Officer
Twitter ‏ @CalPERS ‏
LinkedIn Profile
Web site
Releases Organization News

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 with $298 billion in assets.[1][2]

As of 2014 there were 3089 participating public agencies, consisting of 1581 public agencies and 1508 school districts.[3] Its 2013 membership of 1.7 million includes about 600,000 retirees/beneficiaries and 1.1 million active and inactive members.


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.[4]

In September 2014 CalPERS announced plans to divest the entire $4 billion that it has invested with hedge funds, saying they are too expensive and complicated.[5]

Products and Services[edit]

CalPERS is the manager for the $195.5 billion State of California Employee Pension Fund. [6]


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

Key People[edit]

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. [7]