News from CalPERS
A Message to Our Members Regarding the Discount Rates (June2017).
News Release
CalPERS Releases Annual Reports Highlighting California Investments
Investments in California amount to $27.3 billion as of June 30, 2016
SACRAMENTO, CA - The California Public Employees' Retirement System released its CalPERS for California 2016 (PDF) report, detailing the broad ancillary benefits the System's investments generated in California for the 2015-16 fiscal year. Additionally, CalPERS released an updated version of the CalPERS California Initiative (PDF) report, highlighting a program that encourages investments in companies located in traditionally underserved California markets.
Ancillary benefits of CalPERS' investments described in these reports include the creation and support of jobs, infrastructure for communities and commerce, and business expansion and related economic activity.
"The strength of California's economy makes it an ideal market to invest in," said Henry Jones, CalPERS investment committee chair. "CalPERS has a commitment to pay benefits for generations to come. Investing in California helps us to fulfill that commitment."
Key findings in the CalPERS for California 2016 report include:
- Investments in California forthe 2015-16 fiscal year totaled $27.3 billion.
- Investments in Californiarepresent 9.3 percent of the Total Fund.
- More than 262,000 jobs aresupported as a result of CalPERS' private asset class investments inCalifornia.
- CalPERS' funds were investedacross asset classes, including public equity, fixed income, privateequity, real estate, and infrastructure.
"CalPERS is a global investor with assets worldwide," said Ted Eliopoulos, CalPERS chief investment officer. "But we are very proud of the investments we are able to make in our home state of California. To make a positive impact on our communities while fulfilling our fiduciary duty is an ideal situation."
Watch Clint Stevenson, investment manager for CalPERS Engagement Programs, explain how the "CalPERS for California" program benefits the economy of the state.
About CalPERS
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.8 million members in the CalPERS retirement system and administers benefits for 1.4 million members and their families in our health program. CalPERS' total fund market value currently stands at approximately $325 billion. For more information, visit www.calpers.ca.gov.
Contact Us
For additional CalPERS news, visit our Newsroom. For more information, call the CalPERS Office of Public Affairs at (916) 795-3991 or email us.
CalPERS Announces Final Candidates for Board Seats
May 31, 2017
Communications & Stakeholder Relations
(916) 795-3991
Brad W. Pacheco, Deputy Executive Officer
Wayne Davis, Chief, Office of Public Affairs
Contact: Jeanie Esajian, Information Officer
[email protected]
Public Random Drawing on June 6 Will Determine Ballot Positions
SACRAMENTO, CA - The California Public Employees' Retirement System (CalPERS) today announced that one additional candidate filed to run for a Member-at-Large Board of Administration position. This brings the total candidates to eight, with four each vying for two seats.
Candidates for the first seat – referred to as Position A on the ballot – are:
- Richard Costigan, StatePersonnel Board (active)
- Michael Flaherman, Bay AreaRapid Transit (retired)
- David Miller, CaliforniaDepartment of Toxic Substance Control (active)
- Dr. Felton Williams, Long BeachCommunity College District (retired)
The candidates who filed for the other seat – referred to as Position B on the ballot – are:
- Wisam (Sam) Altowaiji, City ofRedondo Beach (retired)
- Michael Bilbrey (incumbent),Citrus Community College (active)
- Margaret Brown, Garden GroveUnified School District (active)
- Bruce Jennings, Senate RulesCommittee (retired)
All candidates have been certified by CalPERS.
Candidates for both seats are elected by and represent all CalPERS members, including retired and active members, from state, school, and public agency employers. Active members as of July 1, 2017, are eligible to vote in this election. Retired members (excluding survivors and beneficiaries) whose effective date of retirement is on or before July 1 are also eligible to vote. Ballot packets will be mailed to eligible voters on September 1.
Beginning with this election, voters will have two new ways to vote. Members can vote online or by phone, or use the traditional paper ballot that is mailed. All online, telephone, or paper ballots must be received by CalPERS no later than October 2 to be counted.
A public random drawing will determine the order that names will appear on the ballot. The public random drawing will be held:
2017 Board Elections Random Drawing | ||
Date | Time | Location |
Jun 6 | 9:00 a.m. | CalPERS Headquarters |
For more information, visit our Board Elections page.
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.8 million members in the CalPERS retirement system and administers benefits for more than 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS' total fund market value currently stands at approximately $322 billion. For more information, visit www.calpers.ca.gov.
Efforts to Improve OptumRX Experience
Retiree Paperless Warrant Mailing
CalPERS Direct Deposit Statements
Going Paperless With Your CalPERS Direct Deposit Statements
CalPERS Board Re-Elects Rob Feckner as President, Henry Jones as Vice President
January 17, 2017
Communications & Stakeholder Relations
(916) 795-3991
Brad W. Pacheco, Deputy Executive Officer
Wayne Davis, Chief, Office of Public Affairs
Contact: Jeanie Esajian, Information Officer
[email protected]
SACRAMENTO, CA - The California Public Employees' Retirement System (CalPERS) Board of Administration re-elected Rob Feckner as board president, and Henry Jones as vice president. This will be Feckner's 13th term as president and Jones' third term as vice president.
"This vote of confidence from my peers is very humbling," Feckner said. "Together we will continue our efforts to ensure a sustainable pension and access to quality health care for our members now and into the future. We have much to be proud of in the way of accomplishments over the past year, but we have much more we need to achieve for California's dedicated public employees."
Feckner represents school members on the CalPERS Board, which he joined in 1999. He currently serves on three Board committees: Governance, Investment, and Pension & Health Benefits.
He is a 40-year employee of the Napa Valley Unified School District, and a past president of the California School Employees Association.
The president oversees the Board's business, and sets meeting schedules and agendas with input from other Board members and CalPERS executive staff. The president also makes appointments to Board committees, and represents CalPERS to outside parties.
Jones represents retired CalPERS members and was first elected to the Board in 2008. In addition to serving as vice president, Jones chairs the Investment committee and currently sits on three other committees: Board Governance, Finance & Administration, and Pension & Health Benefits.
"I am honored to again be elected vice president of the Board," said Jones. "I look forward to working with my Board colleagues, CalPERS staff, and our constituents on the important business of serving our members who serve this great state."
Jones retired from the Los Angeles Unified School District in 1998, as chief financial officer, where he oversaw the district's $7 billion annual budget and its Annuity Reserve Fund Board. He currently serves as a personnel commissioner for the Los Angeles Community College District, and the board of the Robert Toigo Foundation and the Pacific Pension & Investment Institute.
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.8 million members in the CalPERS retirement system and administers benefits for more than 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS' total fund market value currently stands at approximately $307 billion. For more information, visit www.calpers.ca.gov.
Valued Stakeholders,
This morning, many of your members received an email from “CalPERS Health Open Enrollment in my|CalPERS.”
Note: If you haven’t noticed the email, please check your Junk Folder, some of the emails may be filtered there directly.
2016 marks the first year that CalPERS members, both active and retired, will be viewing their Health Plan Statement and all other Open Enrollment materials entirely online. For those of you who opted out, Open Enrollment materials will continue to be sent to your mailing address.
***Open Enrollment is September 12 through October 7 - Now is the time to learn more about our 2017 Health Plans!***
Access Our New Features!
Be sure to log on to your my|CalPERS account and explore the Health Plan Statement feature! Once you’re logged on, a window (pictured below) appears that will direct you right to the Open Enrollment page. Or, once you’ve closed the window, click on the “Statements” tab to access your Health Plan Statement. If you have changed your mind and prefer to have the materials mailed to you, call our Customer Contact Center at 888 CalPERS (or 888- 225-7377) where an agent will assist you.
Forgot Your Username or Password?
Select the ‘Forgot your Username’ link and provide the requested information. You can recover your username by email, text message, or by answering the security questions. Once you’ve entered your user name, you can enter your password. If you’ve forgotten your password, the system will prompt you to reset it. If these options do not meet your needs, call our Customer Contact Center for assistance.
Please note that Open Enrollment changes cannot be made until Open Enrollment officially begins on September 12. We encourage you to take this time before Open Enrollment to familiarize yourself with the plans to make the best decision for you and your family.
Please let us know if you have any questions or comments.
Thank you,
CalPERS Stakeholder Relations
CalPERS Names Marcie Frost as New Chief Executive Officer
July 14, 2016
FOR IMMEDIATE RELEASE
SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) Board of Administration announced today that it has named Marcie Frost as the pension fund’s new Chief Executive Officer (CEO).
Frost, 51, is a 16-year veteran of the pension industry, having most recently served as the Executive Director of the Washington State Department of Retirement Systems (DRS). She will start her new role with CalPERS on October 3, 2016, replacing Anne Stausboll who retired at the end of June. Doug Hoffner will serve as Interim CEO.
As CEO, Frost will oversee the System’s operations which include 2,870 employees, a budget of more than $1.7 billion, and programs spanning retirement benefits administration, health care delivery, investments, finance and risk management, actuarial services, supplemental retirement programs, legislative affairs, stakeholder relations, and numerous support functions.
“Marcie is a seasoned public pension fund administrator and we couldn’t be happier that she will lead the fund and be part of our CalPERS family,” said Rob Feckner, President of the CalPERS Board. “The selection of Marcie was unanimous by the CalPERS Board members involved. She has demonstrated throughout her career strong leadership and innovation, an emphasis on customer satisfaction, and team collaboration that will be fundamental to the future of CalPERS.”
Frost’s career spans executive level positions in public pension administration, human resources and information technology.
She joined DRS in 2000 and held leadership roles in human resources, information services, and operations. She was Deputy Director for the retirement systems for four years before being appointed Executive Director in 2013. She also serves as an ex officio member of the Washington State Investment Board.
She began her public service career as a Benefits Administrator with the Washington State Department of Labor and Industries managing compensation and benefit programs for public employees across 26 locations.
Frost is a native Washingtonian and is pursuing dual bachelors and master’s degree in public administration from Evergreen State College.
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.7 million members in the CalPERS retirement system and administers benefits for nearly 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS’ total fund market value currently stands at approximately $301 billion. For more information, visit www.calpers.ca.gov.
Connect with us online:
• Facebook.com/myCalPERS
• Twitter.com/CalPERS
• Youtube.com/CalPERSNetwork
• www.calpers.ca.gov/googleplus
• Linkedin.com/company/calpers
For CalPERS news feeds, go to www.calpers.ca.gov, select the Newsroom link, and scroll to the bottom of the page.
CalPERS Comments on Outcome of British Vote to Leave European Union
June 24, 2016
Communications & Stakeholder Relations
(916) 795-3991
Brad W. Pacheco, Deputy Executive Officer
Wayne Davis, Chief, Office of Public Affairs
[email protected]
SACRAMENTO, CA - The California Public Employees' Retirement System (CalPERS) today issued the following statement from Chief Investment Officer Ted Eliopoulos on the outcome of the British vote to leave the European Union:
"We are carefully monitoring the situation. As a long-term investor, we don't overreact to short-term volatility but we will take appropriate steps to best protect our portfolio."
Additionally, Eliopoulos made a series of comments on the matter in a video recording also released today.
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.7 million members in the CalPERS retirement system and administers benefits for nearly 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS' total fund market value currently stands at approximately $294 billion. For more information, visit www.calpers.ca.gov.
CalPERS Names Douglas Hoffner Interim CEO
SACRAMENTO, CA - The California Public Employees' Retirement System (CalPERS) Board of Administration today appointed Douglas Hoffner as the Pension Fund's Interim Chief Executive Officer (CEO) as it completes its process for a new CEO.
"Doug is a natural choice and will do an excellent job leading CalPERS until we name a permanent CEO," said Rob Feckner, President of the CalPERS Board. "Our recruitment is going extremely well and we have strong candidates. We expect to conclude the process in the coming weeks."
Hoffner currently serves as CalPERS Deputy Executive Officer for Operations and Technology overseeing strategic planning, information technology, human resources, diversity and inclusion, and operations. He will assume the interim CEO post on July 1 following the June 30, 2016 retirement of CalPERS current CEO Anne Stausboll.
Hoffner joined CalPERS executive team in July 2012 after serving as Undersecretary of the California Labor and Workforce Development Agency, where he also served for a time as Acting Secretary. He was also Deputy Cabinet Secretary to former Governor Arnold Schwarzenegger, and Assistant Director for Legislation at the California Department of General Services.
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.7 million members in the CalPERS retirement system and administers benefits for nearly 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS' total fund market value currently stands at approximately $291 billion. For more information, visit www.calpers.ca.gov.
FACT SHEET: HEALTH
Paper or Paperless for Open Enrollment?
CalPERS 2016 customized Health Plan Statements (HPS) and other Open Enrollment materials will be available to all active and retired members online effective August 22. It is a step to help CalPERS maximize customer service and support a green community.
THROUGH YOUR MYICALPERSACCOUNT THISNEW FEATURE PROVIDES:
• 24/7 secure, convenient, environmentally friendly access to your health plan information
• Ability to view, download or print your individual HPS and other Open Enrollment information and publications
• Comprehensive design allows easy system navigation and information access
• A letter will be sent to all subscribers in two mailings. The first mailing will be released on March 14, and the second on March 21, 2016
NO MY | CALPERSACCOUNT? NO PROBLEM!
• Easily set one up through the CalPERS website at calpers.ca.gov, or get assistance from a Ca!PERS customer service representative at 888-Ca!PERS (888-225-7377)
WANT TO CONTINUE RECEIVING YOUR HPSAND OPEN ENROLLMENT MATERIALSBY MAIL? LET CALPERS KNOW BY JULY 1, 2016.
• Login to my.calpers.ca.gov
o Select the Profile Tab option, and then select Mailing Preference
• Return the post card CalPERS is sending to all health subscribers (click the post card link on the left)
o Select the U.S. Mail option on the postcard
• Call 888-Ca!PERS, (888-225-7377)
o Use the automated voice system to select the health menu option to change your mailing preference
• Call 888-CalPERS (888-225-7377)
o Speak to a Customer Service Representative
Remember, you must change your mailing preference by July 1 if you want to continue receiving your OE packet by mail. Requests made after July 1, 2016 to keep receiving your Open Enrollment materials by mail will not be effective until the following year.
CalPERS Board Elects Committee Chairs and Vice Chairs
February 18, 2016
Communications & Stakeholder Relations
(916) 795-3991
Brad W. Pacheco, Deputy Executive Officer
Contact: Joe DeAnda, Information Officer
[email protected]
SACRAMENTO, CA - The California Public Employees' Retirement System (CalPERS) Board of Administration has elected the following chairs and vice chairs of key board committees:
- Investment Committee – Henry Jones,Chair; Bill Slaton, Vice Chair
Jones was elected to the CalPERS Board in 2007 by retired CalPERS members. He was re-elected in 2011 and 2015, and also serves as Vice President. Jones retired as chief financial officer of the Los Angeles Unified School District in 1998. He is also an adjunct professor at California State University, Los Angeles. Slaton was appointed to the CalPERS Board in July 2012 and reappointed in 2014 by Governor Jerry Brown to represent local government. Slaton is an elected member of the Sacramento Municipal Utility District (SMUD) Board of Directors. He was first elected to the SMUD Board in November 2002, served two terms as president of the Board (2005 and 2013), and is currently serving as vice president.
Other Investment Committee members are Michael Bilbrey, John Chiang, Richard Costigan, Rob Feckner, Richard Gillihan, Dana Hollinger, JJ Jelincic, Ron Lind, Priya Mathur, Theresa Taylor, and Betty Yee.
- Pension & Health BenefitsCommittee – Priya Mathur, Chair; Michael Bilbrey, Vice Chair
Mathur was elected to the CalPERS Board in 2002 by CalPERS public agency members and was re-elected in 2006, 2010, and 2014. Mathur is a principal financial analyst for the Bay Area Rapid Transit District. Bilbrey was elected to the CalPERS Board in 2010 by active and retired CalPERS members. He was re-elected in 2013. Bilbrey is the bookstore operations coordinator at Citrus Community College in Glendora. He is also president of the California School Employees Association and vice president of the California Labor Federation Executive Council.
Other Pension & Health Benefits Committee members are John Chiang, Rob Feckner, Richard Gillihan, Dana Hollinger, Henry Jones, Theresa Taylor, and Betty Yee.
- Finance & AdministrationCommittee – Richard Costigan, Chair; Dana Hollinger, Vice Chair
Costigan has served on the CalPERS Board as a representative of the State Personnel Board (SPB) since January 2011. He was appointed to the SPB by Governor Arnold Schwarzenegger in 2007 and is senior director of state and government affairs for the national law and consulting firm of Manatt, Phelps and Phillips. Hollinger, a 25-year veteran of the insurance industry, was appointed to the CalPERS Board in May of 2014 by Governor Jerry Brown to serve as the insurance industry representative.
Other Finance & Administration Committee members are Richard Gillihan, JJ Jelincic, Henry Jones, Ron Lind, and Betty Yee.
- Board Governance Committee – BillSlaton, Chair; Richard Costigan, Vice Chair
Slaton was appointed to the CalPERS Board in July 2012 and reappointed in 2014 by Governor Jerry Brown to represent local government. He was first elected to the SMUD Board in November 2002, served two terms as president of the Board (2005 and 2013), and is currently serving as vice president. Costigan has served on the CalPERS Board as a representative of the State Personnel Board (SPB) since January 2011. He was appointed to the SPB by Governor Arnold Schwarzenegger in 2007 and is senior director of state and government affairs for the national law and consulting firm of Manatt, Phelps and Phillips.
Other Board Governance Committee members are Michael Bilbrey, Rob Feckner, JJ Jelincic, Henry Jones, and Ron Lind.
- The Performance, Compensation,& Talent Management and Risk & Audit Committees did not meet inFebruary. They will choose their chairs and vice chairs at their Marchmeetings.
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.8 million members in the CalPERS retirement system and administers benefits for nearly 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS' total fund market value currently stands at approximately $278 billion. For more information, visit www.calpers.ca.gov.
CalPERS Board President Rob Feckner - State of the System 2016
Valued Stakeholders,
At today’s CalPERS Board Meeting, our Board of Administration President, Rob Feckner, shared his State of the System 2016. In this message, he highlights the work that CalPERS continues to do on behalf of California public employees.
Attached, you will find a PDF version of the State of the System. For a brief video of Mr. Feckner discussing the State of the System 2016, please visit the CalPERS website here: https://www.calpers.ca.gov/page/about/organization/facts-at-a-glance/state-of-the-system
CalPERS Medicare Health Care
"Do Nothing" Option
Good morning,
Part of our partnership with you as representatives of our retiree associations is our ongoing commitment to sharing information in advance. To that end, I’d like to let you know that CalPERS will be mailing out approximately 24,000 letters to members who elected the “Do Nothing” option for their Medicare health care options during Open Enrollment.
Members who elected this “Do Nothing” option, and who previously had Medicare benefits through any of the carriers that were eliminated from our available Medicare options, will receive a letter informing them that they were moved to either the UnitedHealthcare Medicare Advantage PPO or to the PERS Choice PPO Plan, depending on the plans in their area.
Please note: these letters are standard, system-generated notifications that simply state that a change has occurred on the members’ health benefit account. The letters do not provide any background, reminders, or guidance, as that is not their intent: these letters should be seen more as a “receipt” than as informational.
Right now, CalPERS is working with UnitedHealthcare to move everyone who is being transferred to UHC. Once that transfer is complete, UnitedHealthcare will mail out welcome packets that will clearly explain the Medicare Advantage PPO program, features, prescription information, contact information, and next steps. We expect those welcome packets to be mailed the beginning of December, allowing ample time for retiree members to review the information before their benefits take effect on January 1, 2016. New PERS Choice PPO members will receive a similar packet from CalPERS directly.
Our contact center agents have been fully briefed on this process, and are prepared to handle any questions that arise from folks who may have missed all prior communications, and who will be surprised if they open this letter confirming their “Do Nothing” election; please encourage any retirees who contact you with concerns or questions to call us at (888) CALPERS (888-225-7377) and we will gladly walk them through the information and guide them to the correct place
In summary, the strategy is:
1. Week of November 16th: simple, system-generated form letters are going out to retiree members who are moving to either UHC Medicare Advantage PPO or PERS Choice PPO
2. By the beginning of December, retiree members in this group will receive welcome packets from either UHC or (for PERS Choice) CalPERS, explaining everything about the programs and what steps need to be taken, if any
3. (Optional) Retiree members should call 888-CALPERS if any questions arise
As ever, we ask that you pass this information on to your membership, and use it to help further strengthen the relationship between CalPERS and our retiree members.
Thank you,
Rita L. Gallardo, MPA | Division Chief | CalPERS Office of Stakeholder Relations
CalPERS Dependent Eligibility Verification Saves System Millions
October 20, 2015
Communications & Stakeholder Relations
(916) 795-3991
Brad W. Pacheco, Deputy Executive Officer
Contact: Bill Madison, Information Officer
[email protected]
SACRAMENTO, CA - The California Public Employees' Retirement System (CalPERS) today announced that its Dependent Eligibility Verification (DEV) project is complete and will achieve savings and cost avoidance close to $122 million.
Citing data as of September 1, 2015, CalPERS staff reported to the Board of Administration's Pension and Health Benefits Committee that the project resulted in more than 18,000 ineligible dependents being removed from employer-sponsored health care provided by CalPERS to state agencies, public agencies, and school districts contracted with CalPERS for health coverage. The projected savings will be in reduced employer health premium contributions as well as avoiding the cost of health care claims for ineligible dependents. The CalPERS DEV project completed the verification portion of the project on March 31, 2015.
"This has been a very successful project to ensure that we only have eligible dependents enrolled in CalPERS health plans," said Priya Mathur, chair of the CalPERS Pension & Health Benefits Committee. "The project and its expected cost savings are part of CalPERS' ongoing endeavors to help our employers and members manage their health care costs."
The CalPERS DEV project began in March 2013 with an amnesty period that ended June 30, 2013, during which employees and retirees could voluntarily remove ineligible dependents from their employer-sponsored health coverage. The system then used the contracted services of HMS Employer Solutions to conduct a nine-cycle eligibility verification process of state, public agency, and school district employees and retired annuitants. All active employees and retired annuitants enrolled in a CalPERS health plan were asked to provide specific documentation, based on dependent type, to verify that their dependents are eligible for health coverage.
"The number of ineligible dependents eliminated from health coverage amounted to just over 2.5 percent of the overall dependent population of more than 700,000, and eliminating those who were ineligible generated the success of the project," said Doug McKeever, CalPERS' Deputy Executive Officer for Benefit Programs Policy and Planning. "This translates into reduced employer-paid premium contributions and cost avoidance for those ineligible dependents, both of which contributed to the savings we projected."
McKeever added that CalPERS is also working to implement regulations that clarify supporting documentation requirements to support parent-child relationship claims for dependents enrolling in CalPERS health plans.
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.7 million members in the CalPERS retirement system and administers benefits for nearly 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS' total fund market value currently stands at approximately $295 billion. For more information, visit www.calpers.ca.gov.
Who Pays? The CalPERS Pension Buck
Identifies the Income Sources of Public
Employee Pensions
October 19, 2015
The CalPERS Pension Buck illustrates the sources of income that fund public employee pensions. Pension fund income over the last 20 years (as of June 2015) shows that every dollar spent on public employee pensions comes from 65 cents of investment earnings, 22 cents from employers and 13 cents from employees.
Pensions are jointly funded by employer and employee contributions, which are invested so that pension fund dollars grow over time. Workers currently contribute up to 15.25 percent of their paycheck to help fund their own pensions.
CalPERS pension payments generate nearly $31 billion of economic activity per year in California, supporting almost 105,000 jobs and generating more than $716 million in sales and property tax revenue every year.
