CalPERS

Board of Administration of the Public Employees' Retirement System
Agency overview
Formed 1932
Headquarters Sacramento, California
38°34′30″N 121°30′18″W / 38.575°N 121.505°W / 38.575; -121.505Coordinates: 38°34′30″N 121°30′18″W / 38.575°N 121.505°W / 38.575; -121.505
Employees 2,626 (April 2013)[1]
Agency executives
  • Marcie Frost, CEO
  • Rob Feckner, President
Parent agency California Government Operations Agency
Website calpers.ca.gov

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][2] In fiscal year 2012–13, CalPERS paid over $12.7 billion in retirement benefits,[3] and in fiscal year 2013 it is estimated that CalPERS will pay over $7.5 billion in health benefits.[4]

As of June 30, 2014, CalPERS managed the largest public pension fund in the United States, with $300.3 billion in assets[1] CalPERS is known for its shareholder activism; stocks placed on its "Focus List" may perform better than other stocks, which has given rise to the term "CalPERS effect".[5] Outside the U.S., CalPERS has been called "a recognized global leader in the investment industry",[6] and "one of America's most powerful shareholder bodies".[7]

History

Discussion about providing for the retirement of California state employees began in 1921, but only in 1930 did California voters approve an amendment to the State Constitution to allow pensions to be paid to state workers, and only in 1931 was state law passed to establish a state worker retirement plan.[8] In 1932, the "State Employees' Retirement System" (SERS) began operation.[8][9] The California State Employees Association, established in 1931, began a close relationship with SERS that continues to this day.[8]

In 1939, the state Legislature passed a bill that allowed local public agencies (such as cities, counties, and school districts) to participate in SERS.[8] Initially, SERS could invest only in bonds, but in 1953 a new state law allowed SERS to invest in real estate.[8][9] SERS then built a 670,000-square-foot (62,000 m2), 16-story building in Sacramento which opened in 1965; part of the building housed SERS employees, and part of the building was leased to other state agencies.[8]

The "first major new benefit for SERS members," health insurance, began in 1962 with the passage of a law that was later amended to become the "Public Employees' Medical and Hospital Care Act".[8] Because by 1967 SERS was contracting with 585 local public agencies for retirement benefits, its name was changed to the "Public Employees' Retirement System" (PERS).[8] With the passage of a ballot proposition and a state law in 1966-1967, PERS was allowed to invest 25% of its portfolio in stocks;[8] in 1984, Proposition 21 removed the 25% limitation.[2][9]

State Treasurer Jesse M. Unruh was a PERS Board member in the mid-1980s. He began PERS' emphasis on corporate governance; in addition, he was instrumental in creating the Council of Institutional Investors, an organization of pension funds and other institutions that opposed "greenmail and other corporate practices that benefited only management".[8]

In 1986, the headquarters building of PERS, now called "Lincoln Plaza North", was completed in Sacramento at a cost of $81 million.[10] The building, which has 492,900 square feet (45,790 m2), is known for its six-story-high atrium and landscaped terraces.[10]

Governor Pete Wilson

In 1990, fund value reached $49.8 billion.[11] In July 1991, Governor Pete Wilson addressed the state’s $14.3 billion budget deficit by removing $1.6 billion from the pension fund.[12] Wilson further sought to give the governor’s office control of the PERS’ actuarial projections and the appointment of a majority of its board of directors.[12] Public employee unions responded by seeking an amendment to the Constitution of California that would guarantee the board’s independence, remove the fund’s duty to minimize contributions or administrative costs, and require the provision of benefits to “take precedence over any other duty.”[12] The initiative, known as Proposition 162, passed by a single percent at the November California elections, 1992.[12] Proposition 162, also known as the "California Pension Protection Act of 1992," gave the PERS board "the sole and exclusive fiduciary responsibility over the assets of" PERS.[9][13]

To avoid confusion with public employees' retirement systems in other states, the organization's name was changed to "CalPERS" in 1992.[8] By 1996, the CalPERS portfolio was worth $100 billion, and the number of members exceeded 1 million.[8]

Governor Gray Davis

In 1999, fund value reached $159.1 billion, requiring $159 million in state tax dollar contributions.[11] In 1999, the CalPERS board proposed a benefits expansion that would allow public employees to retire at age 55 and collect more than half their highest salary for life.[11] CalPERS predicted the benefits would require no increase in the State’s contributions by projecting an average annual return of 8.25% over the next decade.[11] When Board member Phil Angelides’ aide questioned whether the stock market could grow that long, Board Chairman William Crist, a former union president, replied that they “could make all sorts of different assumptions and make predictions, but that’s really more than I think we can expect our staff to do.”[11] CalPERS' chief actuary, objected, finding that it would be “fairly catastrophic” if the fund only grew at 4.4%.[11]

The benefits expansion bill, SB 400, passed with unanimous backing by California State Assembly Democrats and was signed into law by Governor Gray Davis.[11] CalPERS then produced a video promoting the legislation with Chairman Crist promising greater benefits “without imposing any additional cost on the taxpayers” and the California State Employees Association president praising it as “the biggest thing since sliced bread”.[11]

The next year the dot-com bubble burst, and CalPERS did not grow, instead losing value in the stock market downturn of 2002.[11] In 2001-2002, CalPERS provided technical assistance for the Sarbanes-Oxley Act because it had sustained financial losses from the Enron and WorldCom bankruptcies.[8] After the Great Recession, in 2009 CalPERS investments lost 24%, dropping $67 billion in value.[11] Chairman Crist retired from the board and it was later revealed he had accepted more that $800,000 from a firm to ensure hundreds of millions of investment from CalPERS.[11]

In November 2005, CalPERS expanded its headquarters with the 560,000-square-foot (52,000 m2) "Lincoln Plaza East & West" buildings which cost $265 million.[14][15] The architecture of the buildings, which received praise, includes an entry tower 90 feet (27 m) high in a shape reminiscent of a tree which is made of steel covered with glass.[15] The project was awarded a Gold Leadership in Energy and Environmental Design (LEED) rating.[16]

Governor Jerry Brown

In 2012, Governor Jerry Brown signed legislation that reduced benefits for all new state employees and sought to combat pension spiking.[17] Legislators rejected Governor Brown’s proposals to include a 401(k) type defined contribution plan and to require CalPERS Board members to be independent, not themselves pensioners.[17] Governor Brown promoted the reform as the “biggest rollback to public pension benefits in the history of California”, but it only resulted in a 1% to 5% reduction in contribution increases.[17] Total savings from the reform are estimated to be $28 to $38 billion.[17]

In the fall of 2014, CalPERS named Ted Eliopoulos as chief investment officer. He won the #2 ranking in the Public Investor 100 for 2016.[18] Blackstone Group LP announced in November 2015 that it would acquire 43 international and domestic real estate funds from CalPERS for $3 billion. The 43 funds will come from the non-core real estate portfolio.[19]

In 2016, CalPERS fund value reached $295.1 billion.[11] State tax dollar contributions have had to increase to $45 billion, a 3,000% increase from before the 1999 benefits expansion.[11] Promised benefits exceeded funds available by $241.3 billion.[20] Unfunded retiree healthcare costs add an additional $125 billion to California’s public retirement debt.[20]

Governance

Law

The legal authority for the activities of CalPERS can be found in the constitution, laws, and regulations of the state of California, including:

Board of Administration

CalPERS headquarters at Lincoln Plaza in Sacramento

CalPERS is overseen by a 13-member Board of Administration whose members are elected, appointed, or ex officio:[25]

Notable past Board members have included Caspar Weinberger (1967–1969), Jesse Unruh (1983–1987), Gray Davis (1986–1994), Matt Fong (1995–1998), Kathleen Connell (1995–2003), Phil Angelides (1999–2006), Willie Brown (2000–2005), and Steve Westly (2003–2006).[8]

As of 2014, the current Board members are Rob Feckner (President), Priya Sara Mathur (Vice President), Michael Bilbrey, John Chiang, Richard Costigan, George Diehr, Richard Gillihan, JJ Jelincic, Henry Jones, Ron Lind, Bill Lockyer, Bill Slaton, and Dana Hollinger.[26]

Controversies

Between 1999 and 2001, several conflicts among Board members were notable:

In response to such conflicts, the Board took various measures (e.g., it adopted a "document of collegiality" in October 2001).[28]

Other controversies have affected the Board, such as:

Executives

CalPERS employees perform under the direction of the chief executive officer (CEO) of CalPERS. Past CEOs have been:[8] Earl W. Chapman (1932–1956); Edward K. Coombs (acting, 1956); William E. Payne (1956–1974); Carl J. Blechinger (1975–1983); Sidney C. McCausland (1984–1986); Kenneth G. Thomason (acting or interim, 1987); Dale M. Hanson (1987–1994);[36] Richard H. Koppes (interim, 1994); James E. Burton (1994–2002);[37] Robert D. Walton (interim, 2002); Fred R. Buenrostro, Jr. (2002–2008);[38][39] Kenneth W. Marzion (interim, 2008–2009);[40] Anne Stausboll (2009–June 2016); and Marcie Frost (October 2016-Present).

Reporting to the CEO, the executive officers of CalPERS are: Deputy Executive Officers for Customer Services and Support, Health Benefit Programs, Policy and Planning, Operations and Technology, and External Affairs; a General Counsel; a Chief Actuary; and a Chief Financial Officer; a Chief Information Officer; a Chief Risk Officer; and a Chief Investment Officer.[41] Under the executive officers, CalPERS employees work in 23 major branches, divisions, and offices.[42] Approximately $415.1 million is budgeted in 2014-2015 for administrative functions in CalPERS, such as paying the salaries of 2,700 CalPERS employees.[1][2]

Operations

Investment income gains and losses 1999-2013

CalPERS derives its income from investments, from member contributions, and from employer contributions.[2]

Investment Income has fluctuated in the last 15 years, 1999–2013, with five years of losses and 10 years of gains. There were investment income gains of $17 billion in 1999, $16 billion in 2000 and five billion dollars in 2003. The stock market declines in 2001 lead to investment income losses of 12 billion in 2001 and 10 billion in 2002. Thus, the five-year period 1999 to 2003 period had a cumulative income of 16 billion dollars, or about three billion a year on an investment portfolio of over $200 billion.[43]

The next four years were a period of investment income stability; a 24 billion investment income in 2004, 22 billion in 2005, 21 billion in 2006, and 41 billion in 2007. This four-year period had a cumulative investment income of 108 billion dollars, or $27 billion a year.

With the stock market decline in 2008, during the financial crisis of 2007-2010, there were large investment income losses. There was a 12 billion dollar investment income loss in 2008 and 55 billion in 2009.[2]

The 124 billion dollars of income in the nine-year period 1999-2007 was reduced by half as a consequence of the combined losses of 67 billion in 2008 and 2009. This totals to 57 billion dollars of investment income during this 11-year period, or about 5.1 billion a year on an investment portfolio of 261 billion in October 2007 and down to 186 billion in October 2008. This is a 2.5% return on investment over the 11-year period.

Income or loss from investments fluctuates from year to year; between 1998–99 and 2007–08, the highest income was $40.7 billion in 2006-07 and the greatest loss was $12.5 billion in 2007-08.[2] As of October 2008, CalPERS had a total of $186.7 billion in assets invested as follows: $104.9 billion (56.2%) in equities, $41.0 billion (21.9%) in fixed income, $20.9 billion (11.2%) in real estate, $16.2 billion (8.7%) in cash equivalents, and $3.7 billion (2.0%) in inflation linked assets.[44]

In 2010 CalPERS revised its strategic asset allocation mix using its Asset Liability Management process. By the end of the fiscal year ended June 30, 2013, CalPERS had a total of $257.9 billion in assets invested as follows: $166.3 billion (64 percent) in equities, $40.2 billion (16 percent) in fixed income, $25.8 billion (10 percent) in real assets, $10.6 billion (4 percent) in cash equivalents, $9.2 billion (4 percent) in inflation-linked assets, $5.2 billion (2 percent) in hedge funds, and $0.5 billion (0.0 percent) in multi-asset class and other.[43]

Shareholder activism emphasized under Dale Hanson's leadership

Beginning in the 1980s,[45] and especially in the early 1990s under the pioneering leadership of CEO Dale Hanson,[46] CalPERS has used its influence as one of the largest shareholders in the world to change the way certain things are done in business. It is especially known for its shareholder activism concerning corporate governance, in which it has been described as the most influential pension fund[45] and as "a leader among activist institutions".[47]

Among other examples of its shareholder activism, CalPERS has:

CalPERS has received some criticism for its shareholder activism:

The Focus List and the "CalPERS effect"

Since 1987, CalPERS has placed certain companies on a "Focus List" each year.[68] The criteria for the Focus List have changed over time, but it currently includes companies for which CalPERS has "concerns about stock and financial underperformance, and corporate governance practices".[69] CalPERS works with these companies to improve their corporate governance and thereby improve their financial performance.[69] In 2008, the Focus List companies were The Cheesecake Factory; Hilb, Rogal & Hobbs Co.; Invacare; La-Z-Boy; and Standard Pacific Homes.[70]

In 1994, Nesbitt published a study that found that companies on the Focus List trailed the S&P 500 prior to being put on the list, but outperformed the S&P 500 after being put on the list, and named this phenomenon the "CalPERS effect".[71] The term has been used in the newsmedia.[5][72] Whether a "CalPERS effect" actually exists has been studied in a number of subsequent papers, including but not limited to:

Notable investments

Studies commissioned by CalPERS on its economic impacts

CalPERS commissioned three studies that were released in 2007-2008 about the economic impacts of the following:[96]

Key findings of the CalPERS Economic Impacts in California Report for the fiscal year ending June 30, 2012 included:[100]

CalPERS touted the studies as demonstrating the value of the agency with news releases such as "CalPERS and CalSTRS Pensions Power Up State and Local Economies".[101] The studies and their use by CalPERS were criticized as follows:

Employee recognition program

Among other "offerings to ensure [its] workers are happy as well as healthy," CalPERS has an onsite Montessori method child care facility,[103] conducts employee surveys every two years, offers a training and wellness program, and administers a nationally known employee recognition program.[8] The employee recognition program has several components:

Two CalPERS employees received 2000 National Association for Employee Recognition (NAER) Recognition Champion Awards for the employee recognition program.[109] In addition, CalPERS itself won a 2002 Best Practices award from NAER.[104][105] The employee recognition program was reported to contribute to high employee satisfaction and a low employee turnover rate at CalPERS.[105][108]

Contributions

Member contributions

CalPERS members contribute a percentage of their salary throughout their active membership. Member contribution rates are set by statute and can vary by membership category (miscellaneous or safety) and by benefit formula. Member contribution rates can change based on legislative law changes. However, the rise and fall of the contribution percentages does not affect member-accrued retirement benefits, which are guaranteed by law.

The percentage contributed above the monthly compensation breakpoint depends upon the benefit formula as shown in the “employee contributions” subsection of the summary of Plan Provisions in Appendix B of each public agency, state and schools annual valuation report.[110]

With the passage of Assembly Bill 340 (AB 340), the pension reform legislation by the California Legislature, CalPERS members hired after January 1, 2013 are expected to pay 50 percent of the Total Normal Cost of the benefit plan in which they participate.[110]

Employer contributions

On average, schools and other public agencies contribute 12.7% of payroll for their employees' retirement benefits;[111] however, the rates can increase if CalPERS' investments perform unfavorably and decrease if CalPERS' investments perform favorably. According to CalPERS, "The School Pool contribution rate is affected by the investment return of a given fiscal year in the second year that follows"[112] and "Local public agency contribution rates are affected by the investment return of a given fiscal year in the third fiscal year that follows".[113] CalPERS' earnings and losses are averaged over 15 years to prevent extreme changes in employers' contribution rates.[114] Nevertheless, in 2008 "CalPERS warned that it might ask for more money from the state starting in July 2010 and from local-government employers starting in July 2011" if CalPERS' investments are performing poorly as of June 30, 2009.[111]

Employers’ contributions and stated unfunded liabilities are calculated using actuarial present value, which assumes the fund will continually grow at 7.5%.[115] However, if an employer seeks to leave CalPERS, it will be required to immediately payoff the undisclosed current market value of the unfunded liabilities, which only assumes 2.56% growth.[116] At a 2011 legislative hearing, Governor Jerry Brown called CalPERS asserted reliance on bringing in new members “a Ponzi scheme”.[17]

After the financial crisis of 2008, many cities in California came under financial stress due to a combination of factors, which led to three high-profile municipal bankruptcy filings by Vallejo, Stockton and San Bernardino that received nationwide attention. During the proceedings some creditors accused CalPERS's increased post-crisis employer payments and future unfunded liabilities as a cause of insolvency and sought to have CalPERS employer contributions reduced. This was vigorously opposed by CalPERS. According to 2011 state figures, the CalPERS system is 78% funded with unfunded future liabilities of $133 billion. Non-government estimates show a larger shortfall.[117]

Benefits

CalPERS provides benefits to all state government employees and, by contract, to local agency and school employees. CalPERS administers the following categories of benefits to members:[118]

Retirement benefits under defined benefit plans

As of May 2014, CalPERS paid monthly allowances to 574,759 retirees, survivors, and beneficiaries. In the year ending 2013, CalPERS paid in $16.6 billion in benefits.[3] The retirement benefits "are calculated using a member's years of service credit, age at retirement, and final compensation (average salary for a defined period of employment)," and the retirement formulas "are determined by the member's employer (State, school, or local public agency); occupation (miscellaneous (general office and others), safety, industrial, or peace officer/firefighter); and the specific provisions in the contract between CalPERS and the employer".[119]

In addition, CalPERS administers the Legislators' Retirement System, Judges' Retirement System, and Judges' Retirement System II.[3]

Besides CalPERS, California has a number of other public retirement systems, including:

CalPERS has reciprocity agreements with many of these California public retirement systems that allow retirees with service credit and contributions in two systems to receive payments from both systems.[124]

Some people prefer defined contribution plans to CalPERS' defined benefit plan. For example:

Among other arguments, CalPERS claims that defined contribution plans cost more to manage than defined benefit plans and fail to provide adequate funds to retirees.[129]

Deferred compensation and other supplemental income plans

CalPERS is responsible for a deferred compensation retirement plan (457 plan) and two other plans to supplement income after retirement or permanent separation from State employment. As of December 2014:[1]

Disability retirement and industrial disability retirement

CalPERS offers two types of retirement benefits if a worker is disabled. In "industrial disability retirement," the "disability is due to a job-related injury or illness"; in contrast, "disability retirement" implies that the disability was not necessarily caused by employment.[130] The specific benefits vary by employer, by the contract between CalPERS and the employer, and by the employee's occupation.[130]

Two major controversies have affected CalPERS' disability retirement and industrial disability retirement program over the years. First, in the mid-1990s and again in the mid-2000s there were concerns about inappropriate industrial disability retirement for public safety personnel, including:[131][132]

Second, "a 1980 state law that tied public safety officers' disability benefits to the age at which they were hired" caused an age discrimination complaint with the Equal Employment Opportunity Commission (EEOC) in 1992 which eventually led to a 1995 class action lawsuit against CalPERS and other state and local agencies.[131][134][135] In January 2003, CalPERS settled the suit by agreeing to pay $50 million in retroactive benefits and $200 million in future benefits to 1,700 officers; the settlement "was by far the largest in the EEOC's history".[134] Furthermore, CalPERS agreed to not use an age-based formula in the future, which "basically nullifie[d]" the 1980 state law.[135]

Death benefits

If a CalPERS member dies before retirement, CalPERS may provide death benefits to certain beneficiaries.[136] The benefits can include one-time payments and/or monthly payments, but "depend on the member's age, years of service, job classification, employer's contract with CalPERS, eligible beneficiary, date of separation from employment, and whether or not they were eligible to retire at the time of death".[137]

California Employers’ Retiree Benefit Trust Fund

The California Employers’ Retiree Benefit Trust Fund was established by CalPERS in March 2007 to provide California public agencies with a cost-efficient, professionally managed investment vehicle for prefunding other post-employment benefits (OPEB) such as retiree health benefits. Prefunding reduces an agency’s long-term OPEB liability. Participating agencies can use investment earnings to pay future OPEB liabilities, similar to the CalPERS pension fund in which three out of four dollars paid in retirement benefits come from investment earnings.[1]

Health benefits

In 1961, the Meyer-Geddes Hospital and Medical Health Care Act was passed, which led to SERS' offering health insurance for state employees beginning in 1962.[8] After the Health Maintenance Organization (HMO) Act of 1973, PERS began to deal with HMOs "to create more unified and standardized health care benefit rates".[8] In 1978, the Meyer-Geddes Act was renamed the "Public Employees' Medical and Hospital Care Act".[8]

By the early 1990s, CalPERS received national attention for its attempt at implementing "managed competition," which is the theory that health care costs "can be controlled by forcing health providers to compete with one another under government supervision".[138] As of 1994-1995, CalPERS contracted with 24 health plans for its "over 900,000" members and was able to reduce health insurance premiums by 1% compared with 1993-1994.[139] At the time CalPERS was "called a model for the so-called health alliances" proposed in the 1993 Clinton health care plan.[139]

Rates continued to decline by 5.3% in 1996 and 1.4% in 1997, but rose by 2.7% in 1998 and 5.1% in 1999.[140] CalPERS attracted national attention again in the mid-2000s, this time for health maintenance organization rate increases of 25% in 2004 and 18% in 2005.[140][141][142] Meanwhile, the number of participating plans dropped to seven as of 2003,[141] and "more than two dozen cities, counties and school districts" (representing 4% of membership) left CalPERS as of 2004 because of high medical insurance rates.[143]

A 2006 study by the Government Accountability Office determined that from 1997 through 2002 the average annual growth in CalPERS premiums (6.5%) was lower than that of the Federal Employees Health Benefits Program (FEHBP, 8.5%) and of other surveyed employer-sponsored health benefit programs (7.1%); however, between 2003 and 2006-7, the average annual growth rate in CalPERS premiums (14.2%) was higher than that of FEHBP (7.3%) and of other surveyed employer-sponsored health benefit programs (10.5%).[144] As of 2008, CalPERS eliminated copayments for preventive care visits, raised copayments for other types of office visits, and took other measures in an attempt to reduce costs.[145]

In 2010, Blue Shield of California, Dignity Health, and Hill Physicians Medical Group initiated an integrated health management program (similar to an Accountable Care Organization) that covered 41,000 CalPERS members.[146]

In 2013, CalPERS provided more than $7.51 billion in health benefits "for nearly 1.4 million active and retired state, local government, and school employees and their family members."[4] Therefore, it was the nation’s second largest public purchaser of health benefits,[4] behind the FEHBP which covered "about 8 million federal employees, retirees, and their dependents".[144] Of the enrollees, 61% are state employees and 39% are local government and school employees; 74% are working and 26% are retired.[4]

Enrollees can join three types of plans:[147]

Long-term care benefits

California's "Public Employees' Long-Term Care Act," as passed in 1990 and amended in 1996, led to CalPERS' administering a Long-Term Care Program for "California public employees and retirees, as well as their spouses, parents, parents-in-law, adult children and adult siblings between the ages of 18 and 79."[8][148] Described as the "largest self-funded program of its kind",[148] the program provides "nursing home care, residential assisted living, home health care, homemaker services and adult day care".[149]

The program is funded by participant premiums and by proceeds from investments in the CalPERS Long-Term Care Fund.[149][150] During an economic downturn in 2002, premiums for the program rose an average of 9% and investment losses were $99 million.[149] Another premium increase of an average of 33.6% occurred in 2007 due to "a projected $600 million shortfall in the program over the next 50 to 60 years".[150] The causes of the deficit predicted as of 2007 were less investment income than expected, a higher volume of claims than expected, and a lower dropout rate than expected.[150] By 2008, the program had almost 168,000 members who paid annual premiums of more than $310 million and who collectively received $76 million in benefits annually.[4]

As of December 2014, the LTC program had 144,936 enrolled participants who paid annual premiums of more than $168 million from July 1, 2013 through December 31, 2013.[1] The average premium collected during that time period was $2,177.[1] The decrease in the total long-term care participant count may be attributable to the LTC program stabilization and sustainability measures and realized participant population morbidity.

The total benefits paid since the LTC program’s inception in 1995 through June 30, 2013 have reached approximately $1.3 billion.[1] A summary of plan types and a five-year historical participant count are available online in the CalPERS Comprehensive Annual Financial Report.[43]

Member Home Loan Program

As of December 15, 2010, the CalPERS Board of Administration approved the suspension of the CalPERS Member Home Loan Program and stopped accepting new applications.[151]

See also

References

  1. 1 2 3 4 5 6 7 8 9 "Facts at a Glance" (PDF). CALPERS. October 2015. Retrieved October 1, 2015.
  2. 1 2 3 4 5 6 CalPERS. Facts at a glance: general. January 2009. Retrieved December 24, 2008.
  3. 1 2 3 CalPERS. CalPERS at a glance: pension program. December 2014. Retrieved December 09, 2014.
  4. 1 2 3 4 5 CalPERS. Facts at a glance: CalPERS HEALTH PROGRAM. December 2014. Retrieved December 09, 2014.
  5. 1 2 Sidel, Robin. "Calpers effect" may give lift to underperforming stocks. Wall Street Journal, April 20, 2004.
  6. 1 2 Republic of the Philippines, Office of the Press Secretary. PGMA welcomes CalPERS upgrade of RP investment rating. February 3, 2006. Retrieved December 26, 2008.
  7. ↑ Griffiths, Katherine. Calpers calls for heads to roll at Citigroup over allegations of poor corporate governance. April 14, 2004. Retrieved December 26, 2008.
  8. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Dedication. Vision. Heart. The CalPERS story. Chantilly, VA: History Factory, 2007. ISBN 1-882771-19-2.
  9. 1 2 3 4 5 Pichardo, Raquel. CalPERS a model of innovation at 75. Pensions & Investments, May 14, 2007. Retrieved October 30, 2008.
  10. 1 2 CalPERS. Lincoln Plaza North building. May 2, 2007. Retrieved November 3, 2008.
  11. 1 2 3 4 5 6 7 8 9 10 11 12 13 Dolan, Jack (18 September 2016). "The Pension Gap". Los Angeles Times. Retrieved 19 September 2016.
  12. 1 2 3 4 Myers, John (7 October 2016). "How a governor's bid to exert control over California public pensions backfired". Los Angeles Times. Retrieved 10 October 2016.
  13. ↑ Proposition #162. People's Advocate. Retrieved December 24, 2008.
  14. ↑ CalPERS. Lincoln Plaza East & West. June 27, 2008. Retrieved November 3, 2008.
  15. 1 2 Vellinga, Mary Lynne. CalPERS' new look - It opens a downtown headquarters that's light, airy and innovative. Sacramento Bee, November 12, 2005.
  16. ↑ Boehland, Jessica. Close to home: A headquarters consolidation more than fills its predecessor’s big shoes. GreenSource Magazine, vol. 2, no. 2, April 2007, pages 78-83. Retrieved November 6, 2008.
  17. 1 2 3 4 5 Lin, Judy (28 October 2016). "Jerry Brown touted his pension reforms as a game-changer. But they've done little to rein in costs". Los Angeles Times. Retrieved 7 November 2016.
  18. ↑ "Ted Eliopoulos". www.swfinstitute.org. Retrieved 2016-10-23.
  19. ↑ "Blackstone to Buy $3 Billion in Real Estate Fund Stakes From CalPERS - CoStar Group". www.costar.com. Retrieved 2015-11-17.
  20. 1 2 Lin, Judy (18 September 2016). "Understanding California's Public Pension Debt". Los Angeles Times. Retrieved 19 September 2016.
  21. ↑ Michie's Legal Resources. 2009 California public employees' retirement law. Constitution of the state of California. Article XVI public finance. Retrieved December 24, 2008.
  22. ↑ CalPERS. The California public employees' retirement law. Retrieved December 24, 2008.
  23. ↑ Legislative Counsel of California. California Government Code. Retrieved December 24, 2008.
  24. ↑ California Office of Administrative Law. California State Regulatory Agency List. Public Employees' Retirement System. Retrieved December 24, 2008.
  25. ↑ CalPERS. About CalPERS. The CalPERS organization. Board of Administration. Structure & responsibilities. August 27, 2008. November 3, 2008.
  26. ↑ CalPERS. Board members. May 2, 2014. Retrieved May 8, 2014.
  27. 1 2 Rosenblatt, Robert A. Statement on Turkish past fuels feud at pension fund. Los Angeles Times, October 25, 1999. Retrieved December 20, 2008.
  28. 1 2 3 4 Holson, Laura M. Public feuding at pension fund; dirty laundry keeps flying at Calpers, no. 1 plan in U.S. New York Times, November 27, 2001. Retrieved December 20, 2008.
  29. 1 2 Chernoff, Joel. CalPERS sued for hiking pay of in-house managers. Pensions & Investments, Vol. 29, Issue 4, February 19, 2001, pages 3-4.
  30. 1 2 3 4 5 6 Walsh, Mary Williams. Calpers wears a party, or union, label. New York Times, October 13, 2002. Retrieved December 23, 2008.
  31. ↑ Palmeri, Christopher. Can CalPERS afford to throw stones? The pension fund is rife with potential conflicts of interest. Business Week, June 24, 2002. Retrieved December 27, 2008.
  32. ↑ Cronyism at Calpers. Wall Street Journal, January 31, 2003. Retrieved December 27, 2008.
  33. 1 2 Walsh, Mary Williams. Calpers ouster puts focus on how funds wield power. New York Times, December 2, 2004.
  34. ↑ Yu, Roger. Calpers president says governor, chamber behind his ouster. USA Today, December 1, 2004.
  35. ↑ Reid, Time. "Calpers criticized for passive approach to pension 'spiking'". Reuters. Retrieved 14 September 2014.
  36. ↑ Geissinger, Steve. CalPERS head to run new firm - venture capital company is next task for Hanson. Daily News of Los Angeles, May 20, 1994.
  37. ↑ Pender, Kathleen. Calpers appoints new CEO. San Francisco Chronicle, September 16, 1994.
  38. ↑ State agency chief to head CalPERS. Sacramento Bee, September 19, 2002.
  39. ↑ Elias, Paul (July 22, 2014). "Former CALPERS Chief Admits to Taking Bribes". The Associated Press. Frederico Buenrostro Jr.,...entered his plea in San Francisco federal court, and acknowledged receiving...$200,000 in cash....
  40. ↑ Ortiz, Jon. CalPERS names Marzion as interim chief executive. Sacramento Bee, May 13, 2008.
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