CalPERS - Knowledge

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the list and instead began dealing with such companies privately. In 2012, CalPERS initiated a program to monetize the Focus List. Each year, after the Board approves staff recommendations for Focus List companies, CalPERS increases investments in those companies. New Focus List companies are added to the portfolio each year, and the portfolio is rebalanced so that holdings remain equally weighted. The purpose of monetizing the Focus List is to replicate the Wilshire studies—using actual funds to demonstrate and measure the “CalPERS Effect.” Monetizing the Focus List also allows CalPERS to realize a return on the increased value that typically occurs following an engagement. In 2014, a study by

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plurality model to a majority standard. Following successful CalPERS-sponsored shareowner resolutions supporting majority voting, in February 2013 Apple sponsored Proposal 2, which would amend Apple's charter to provide for majority voting for directors. The proposal would also establish a par value for Apple stock and eliminate Apple's ability to issue preferred shares without shareholder approval. CalPERS strongly supported Apple's position that preferred stock should not be issued without shareowner approval. While the 2013 vote was canceled on a technicality, majority voting was officially adopted in 2014.

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rate is affected by the investment return of a given fiscal year in the second year that follows" and "Local public agency contribution rates are affected by the investment return of a given fiscal year in the third fiscal year that follows". CalPERS' earnings and losses are averaged over 15 years to prevent extreme changes in employers' contribution rates. 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.

665:(CEO) of CalPERS. Past CEOs have been: 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); Richard H. Koppes (interim, 1994); James E. Burton (1994–2002); Robert D. Walton (interim, 2002); Fred R. Buenrostro, Jr. (2002–2008); Kenneth W. Marzion (interim, 2008–2009); Anne Stausboll (2009–June 2016); and Marcie Frost (October 2016 – Present). 1533:

returns on CalPERS investments. The $ 150 billion figure is based on a long term return of 7%; if the returns are higher, the true liability is much smaller, but if returns are lower than the liabilities are much larger. CalPERS itself projects that it will return 6.1% over the next decade and 8.3% for the decade after that. There are significant concerns that to keep up, contributions by municipal and state authorities will have to rise drastically, putting financial strain on those authorities.

5903: 36: 1400:(EEOC) in 1992 which eventually led to a 1995 class action lawsuit against CalPERS and other state and local agencies. 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". Furthermore, CalPERS agreed to not use an age-based formula in the future, which "basically nullifie" the 1980 state law. 1508:

2007 due to "a projected $ 600 million shortfall in the program over the next 50 to 60 years". 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. As of 2020, the program had 116,832 members who paid annual premiums of $ 278.5 million and who collectively received $ 337.3 million in benefits annually.

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pension fund will place a greater financial burden on the state's cities, counties and other local government agencies across California that rely on CalPERS pensions. The $ 300 billion fund is currently 68 percent funded and recently became cash negative, meaning that it paid out more in benefits, approximately $ 19 billion last year, than it collected from workers' contributions - about $ 14 billion.

332:’ 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.” CalPERS' chief actuary, objected, finding that it would be “fairly catastrophic” if the fund only grew at 4.4%. 608:(also state controller) sued CalPERS in January 2001 to limit its investment managers' pay. Although CalPERS argued that the higher salaries were necessary to compete for qualified investment managers and that CalPERS had the authority under Proposition 162 to issue the higher salaries, it lost the lawsuit, which "helped prompt the fund's chief investment officer to quit". 1255:

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".

1453:(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%). As of 2008, CalPERS eliminated 1938:

The California Public Employees' Retirement System board voted on Wednesday to lower the pension plan's expected rate of return from investment to 7 percent by 2020, a decision that comes after the fund failed to meet its 7.5 percent target the past two years. The move by the country's largest public

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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. The average premium collected during that time period was $ 2,177. The decrease in the total long-term care participant count may be

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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

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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

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project, its total Enron losses were only about $ 11 million. Although CalPERS "was alerted by its advisers in December 2000 about the serious and potentially embarrassing conflicts inherent in one of a web of private partnerships set up by Enron's chief financial officer, Andrew S. Fastow", it later

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

261:

In 1939, the state Legislature passed a bill that allowed local public agencies (such as cities, counties, and school districts) to participate in SERS. Initially, SERS could invest only in bonds, but in 1953 a new state law allowed SERS to invest in real estate. SERS then built a 670,000-square-foot

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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". As of 1994–1995, CalPERS contracted with

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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. The specific benefits

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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

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In 2002, CalPERS evaluated emerging markets for "evidence of political stability, humane labor laws, a fair and functional legal system and financial transparency"; on the basis of the evaluation, CalPERS placed the Philippines on "probation" for investment. In 2004, a consultant's recommendation to

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The agency both lost and gained from investments in Enron (which went bankrupt in 2001) and its affiliated companies. Its losses included common stock worth $ 40 million; "stock in a different portfolio, some bonds and a separate investment in New Power Co." worth $ 100 million; and $ 4 million from

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Barber (2006) asserted that in his analyses "CalPERS activism yields small, but reliably positive, market reactions" in the short term. In contrast, although the long-term returns of companies "are uniformly positive and economically large" after being placed on the CalPERS Focus List, due to market

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Beginning in 1987, CalPERS placed certain companies, with which it had "concerns about stock and financial underperformance and corporate governance practices" on a "Focus List". The list was also referred to as a "name and shame" list. Beginning in 2010, CalPERS stopped publicly naming companies on

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In 2003, sued the NYSE and seven specialist firms over allegations that the firms' floor workers engage in practices which hurt investors. The firms "settled with the Securities and Exchange Commission in 2005 and paid more than $ 240 million in fines without admitting or denying guilt". The part of

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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

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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 $ 5 billion in 2003. The stock market declines in 2001 led to investment income losses of 12 billion

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addressed the state's $ 14.3 billion budget deficit by removing $ 1.6 billion from the pension fund. 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. Public employee unions responded by seeking

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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

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As of 2018, the agency has $ 360 billion in assets, and is underfunded by an estimated $ 150 billion, with current assets below 70% of necessary to provide for liabilities. In an effort to reduce this shortfall, at the end of 2016 the board lowered their expected annual rate of return on investments

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The program is funded by participant premiums and by proceeds from investments in the CalPERS Long-Term Care Fund. During an economic downturn in 2002, premiums for the program rose an average of 9% and investment losses were $ 99 million. Another premium increase of an average of 33.6% occurred in

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If a CalPERS member dies before retirement, CalPERS may provide death benefits to certain beneficiaries. 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,

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On average, schools and other public agencies contribute 12.7% of payroll for their employees' retirement benefits; however, the rates can increase if CalPERS' investments perform unfavorably and decrease if CalPERS' investments perform favorably. According to CalPERS, "The School Pool contribution

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In November 2005, CalPERS expanded its headquarters with the 560,000-square-foot (52,000 m) "Lincoln Plaza East & West" buildings which cost $ 265 million. The architecture of the buildings, which received praise, includes an entry tower 90 feet (27 m) high in a shape reminiscent of a

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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". Because by 1967 SERS was contracting with 585 local public agencies for retirement benefits, its name was

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At Nabors Industries in 2013 CalPERS sponsored a proposal to amend the company's by-laws to require shareowner approval of severance benefits that exceed 2.99 times the sum of an executive's base salary and bonus. CalPERS also voted for a proposal asking the board to elect an independent chair and

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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

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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. As of October 2008, CalPERS had a total of $ 186.7 billion in assets invested as follows: $ 104.9 billion

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In 2019, CalPERS provided more than $ 9.2 billion in health benefits for 1.5 million active and retired state, public agency, and school workers and their dependents. Therefore, it was the nation's second largest public purchaser of health benefits, behind the FEHBP which covered "about 8 million

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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. 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. Meanwhile, the number of participating

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Some non-disabled persons fraudulently claim industrial disability retirement, such as "a 'disabled' highway patrol officer riding in a rodeo." Unfortunately, "state law forbids Calpers from requiring disabled retirees who are 50 or older to submit to another medical evaluation, even if there is

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As of 2020, CalPERS paid monthly allowances to 732,529 retirees, survivors, and beneficiaries. In the fiscal year 2019-20, CalPERS paid $ 25.8 billion in benefits. The retirement benefits "are calculated using a member's years of service credit, age at retirement, and final compensation (average

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Beginning in the 1980s, and especially in the early 1990s under the pioneering leadership of CEO Dale Hanson, 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

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and to require CalPERS Board members to be independent, not themselves pensioners. 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. Total savings from the

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CalPERS faces significant unfunded liabilities which is likely to challenge its long-term financial stability. Official estimates place the liabilities at approximately $ 150 billion, an increase from $ 22 billion in 2002. The unfunded liabilities figure is a projection that takes into account

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In 1999, fund value reached $ 159.1 billion, requiring $ 159 million in state tax dollar contributions. 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. CalPERS predicted the

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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:

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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.

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At Apple in 2013, CalPERS voted for a management proposal to implement majority voting for director elections and other proposals designed to enhance shareowner rights. This was a result of more than two years of engagement with Apple to change its voting standard for board candidates from a

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CalPERS has received criticism for the number of retirees (26,000 in 2018) who collect over $ 100,000 a year in pension. That group of people, while less than 4 percent of the total number of retirees receiving benefits from CalPERS, collect 17 percent of the total yearly pension payouts.

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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". The term has been used in the newsmedia. Whether a "CalPERS effect" actually exists has been studied in a number of subsequent papers, including:

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Two studies published by CalPERS staff (i.e., Anson et al.) in 2003-2004 found that stocks on the CalPERS Focus List experience "positive excess stock returns of about 12% over the three months following release of the list" and "an average one-year cumulative excess return of 59.4 per

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Junkin and Toth (2008), in an update of Nesbitt's 1994 study, found that the "CalPERS effect" was still present in that "the average targeted company produced excess returns of 15.7% above their respective benchmark return on a cumulative basis," but that the effect had decreased over

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In September 2014, California's State controller, John Chiang criticized the fund for "passive" approach towards pension spiking - a practice of inflating workers' benefits just before retirement in order to boost their pensions- and failing to adequately review payroll data, inviting

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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.” The initiative, known as Proposition 162, passed by a single percent at the November

1185:, which assumes the fund will continually grow at 7.5%. 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. At a 2011 legislative hearing, Governor 410:

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. Blackstone Group LP announced in November 2015 that it would acquire 43 international and domestic real estate funds from CalPERS for $ 3 billion.

492:, Title 2, Division 5, Parts 3-8 (i.e., Sections 20000–22970.89). Among other parts, Part 3 covers the administration of the retirement system including membership, contributions, and benefits; and Part 5 covers the Public Employees' Medical and Hospital Care Act on health benefits. 205:; stocks placed on its "Focus List" may perform better than other stocks, which has given rise to the term "CalPERS effect". Outside the U.S., CalPERS has been called "a recognized global leader in the investment industry", and "one of America's most powerful shareholder bodies". 1515:

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

1056:, and released in April 2007, this study found that the direct payments of $ 7.7 billion in 2006 led to a total impact (including "the ripple effect of business and government revenues as spending from... benefit checks works its way through the economy") of $ 11.8 billion. 1146:

Recognition Champion Awards for the employee recognition program. In addition, CalPERS itself won a 2002 Best Practices award from NAER. The employee recognition program was reported to contribute to high employee satisfaction and a low employee turnover rate at CalPERS.

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Michael P. Smith (1996) determined that shareholder wealth increased for companies that adopted changes proposed by CalPERS or made changes that resulting in reaching a settlement with CalPERS; however, shareholder wealth decreased for companies that resisted CalPERS'

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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, or $ 27 billion a year.

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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.

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In June 2008, after Los Angeles-area property developer LandSource filed for bankruptcy protection, CalPERS was criticized for having invested $ 947 million in LandSource in 2007; a CalPERS spokesperson described the investment as "small" relative to CalPERS' total

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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.

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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.

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An informal day-to-day employee-to-employee program with a "You are the Rock" theme. The program includes a river rock that is passed around to employees who are "rock solid," rock-shaped notes with appreciative sentiments written on them, and rock-themed

696:. Under the executive officers, CalPERS employees work in 23 major branches, divisions, and offices. Approximately $ 415.1 million is budgeted in 2014-2015 for administrative functions in CalPERS, such as paying the salaries of 2,700 CalPERS employees. 1418:

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.

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The list of "disabilities automatically presumed to be job-related for public-safety workers" has grown to include diseases and conditions that may or may not be caused by employment, such as lower back pain, heart disease, cancer, syphilis, HIV, and

486:, Article XVI, Section 17, under which (as amended by Proposition 162) "the retirement board of a public pension or retirement system shall have plenary authority and fiduciary responsibility for investment of moneys and administration of the system". 987:

the liquidation of Enron's JEDI II project (i.e., CalPERS had paid $ 175 million for its stake but received only $ 171 million in return). However, as CalPERS had earned $ 132.5 million from the sale of its stake in Enron's JEDI I project to Enron's

374:, in 2009 CalPERS investments lost 24%, dropping $ 67 billion in value. Chairman Crist retired from the board and it was later revealed he had accepted more than $ 800,000 from a firm to ensure hundreds of millions of investment from CalPERS. 270:

changed to the "Public Employees' Retirement System" (PERS). 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; in 1984, Proposition 21 removed the 25% limitation.

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denied that it could have taken actions to prevent Enron's downfall. Nevertheless, as a result of the Enron experience, in 2002 the CalPERS board did resolve to improve accounting and auditing standards among companies in which it invests.

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

6204: 843:. CalPERS had held "6.6 million shares of UnitedHealth stock valued at $ 360 million". In August 2009, a federal judge in Minnesota ordered UnitedHealth to pay $ 895 million to settle the lawsuit; furthermore, former UnitedHealth CEO 2384: 950:

English et al. (2004) concluded that CalPERS targeting produces a statistically significant improvement in short-term returns but not necessarily in long-term returns (depending on the specific methods used to calculate long-term

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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". The studies and their use by CalPERS were criticized as follows:

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In June 2000, CalPERS announced that it would invest $ 500 million in biotech as part of its California Biotechnology Program. Ultimately, $ 235 million went to California-base venture capital firms specializing in the biotech

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

1971: 1269:, Fresno, Imperial, Kern, Los Angeles, Marin, Mendocino, Merced, Orange, Sacramento, San Bernardino, San Diego, San Francisco , San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Sonoma, Stanislaus, Tulare, and Ventura) 6254: 1924: 5584: 1460:

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.

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24 health plans for its "over 900,000" members and was able to reduce health insurance premiums by 1% compared with 1993–1994. At the time CalPERS was "called a model for the so-called health alliances" proposed in the

1962:"Number of public retirees in $ 100K Club skyrockets, but they're just part of the burden on state pension system - Taxpayers on the hook for 26,000 government pensions over $ 100,000, a 13-fold increase from 2005" 1063:

CalPERS health care benefits payments. Prepared by Lincoln Crow Benefits Research Group and released in April 2008, this study found that the direct payments of $ 4.2 billion in 2006 led to a total impact of $ 7.6

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As of 2002, there was a concern that CalPERS' activism had distracted from "its effectiveness as a corporate watchdog and its ability to provide for the 1.3 million public employees whose pensions it guarantees".

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CalPERS investments. Prepared by California State University, Sacramento, and released in September 2007, this study found that the direct investments of $ 8.3 billion in 2006 led to a total impact of $ 15.1

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Six are elected from CalPERS members (two by all CalPERS members, one by active State members, one by active CalPERS school members, one by active CalPERS public agency members, and one by retired members of

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remove the Philippines from the "approved" list "contributed to a 3.3% drop... in the $ 55-billion Manila stock market". By 2006, CalPERS had given higher ratings to the Philippines, for which its President

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A president of the Board, Sean Harrigan, was removed from his position in December 2004 amid criticism for his activism on matters of corporate governance. He claimed his removal was politically motivated.

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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.

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in 2001 and 10 billion in 2002. Thus, the five-year period 1999 to 2003 period had a cumulative income of $ 16 billion, or about three billion a year on an investment portfolio of over $ 200 billion.

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introduced legislation that would require CalPERS and CalSTRS divest. The CalPERS board has opposed proposals to divest. The bill passed the state senate on May 25 but was halted in the assembly by

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and 79." Described as the "largest self-funded program of its kind", the program provides "nursing home care, residential assisted living, home health care, homemaker services and adult day care".

1430:, PERS began to deal with HMOs "to create more unified and standardized health care benefit rates". In 1978, the Meyer-Geddes Act was renamed the "Public Employees' Medical and Hospital Care Act". 999:

In 2002, the Republican Party questioned CalPERS' investing $ 100 million in a firm that was co-founded by a Democratic supporter. CalPERS denied any political influence in its investment decision.

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25% are enrolled in preferred provider organization plans called "PERS Select," "PERSCare," and "PERS Choice," which are administered by Anthem Blue Cross (the California subsidiary of WellPoint).

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plans dropped to seven as of 2003, 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.

735:(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. 6313: 6259: 3279: 5680: 3705: 1891: 1308:

sponsored a bill in the State Assembly to allow state employees to choose between CalPERS' defined benefit plan and a defined contribution plan; the bill failed in a State Senate committee.

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Crutchley et al. (1998) discovered that CalPERS' "less visible activism" in 1995-1997 corresponded with less returns on stocks than in 1992-1994 when CalPERS' activism was more aggressive.

611:

Valdes endorsed a lawsuit against the Board's proposal to change its election procedures to require a majority vote (not simply a plurality vote) for Board seats chosen by CalPERS members.

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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:

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articles appearing just before or just after the dates that CalPERS released Focus List information). He found "no evidence to support the persistence of a 'CalPERS effect'" after 1993.

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public employees, retirees, and their families". In fiscal year 2020–21, CalPERS paid over $ 27.4 billion in retirement benefits, and over $ 9.74 billion in health benefits.

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federal employees, retirees, and their dependents". Of the enrollees, 59% are state employees and 41% are local government and school employees; 68% are working and 32% are retired.

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CalPERS is among the signatories of the "Principles for a Responsible Civilian Firearms Industry," which seeks to engage firearms manufacturers, dealers, and retailers in promoting

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Institutional investors call for carbon cuts. Merrill Lynch, Allianz, CalPERS join growing chorus of business-types pushing national laws that would curb greenhouse gas emissions.

2792: 601:, who is trying to … drive our policy according to those ethnic hatreds". Angelides responded that he was "do what is best for the state". Valdes later apologized for the remarks. 4332: 1920: 4570: 3420: 3355: 315:. 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. 5576: 5465: 438:. The bill was passed and, effective June 1, 2017, CalPERS was prohibited from maintaining holdings in companies that receive at least half of their revenue from thermal coal. 5228: 1319:-like plan, but dropped the proposal after opposition to a provision in the initiative to "reduce benefits for widows of officers and firefighters killed in the line of duty". 1097:

A reporter summarized the opinion of the lead author of the first study as "his study was never intended as any sort of implied commentary on the wisdom of CalPERS' policies".

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of CalPERS are: deputy executive officers for customer services and support, health benefit programs, policy and planning, operations and technology, and external affairs; a

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Number of retirees with $ 100,000+ pension = 26,000 (This is 4% of the total number of retirees, yet this group collected 17% of the total amount CalPERS paid out in 2018.)

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CalPERS benefits (retirees spending their pensions) returned $ 10.85 in economic activity to California for each taxpayer dollar (public funds) contributed to the system.

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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. After the

343:. CalPERS then produced a video promoting the legislation with Chairman Crist promising greater benefits “without imposing any additional cost on the taxpayers” and the 5251: 3318:

Fernandez, Bob. An investor watchdog with bark - and bite. California's pension fund gets noticed when it thinks corporate practices are hurting shareholders' returns.

6032: 3129: 2871: 593:(also state treasurer) criticized a statement in a report, Board chairman Charles Valdes said about Angelides "What we have here is a Greek treasurer who doesn't like 2114: 1349:

The Peace Officers' & Firefighters' Defined Contribution Plan had 33,128 participants and $ 497 million in assetsfunded by a State contribution of 2% of base pay.

6387: 6160: 5981: 5862: 3879: 3234: 2772: 1524:

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.

1396:

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

1330:

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.

4760: 2003: 5550: 4148: 2967: 1858: 1266: 3440: 3299: 5917: 4387: 4222: 3613: 2914: 2092: 6352: 6005: 5963: 5793: 5030: 4910: 4647: 1723: 281:; in addition, he was instrumental in creating the Council of Institutional Investors, an organization of pension funds and other institutions that opposed " 5271: 5104: 4084: 4058: 3912: 2207: 6027: 5414: 4547: 2745: 1905:

The California Public Employees' Retirement System currently has a $ 153 billion unfunded liability, with only 68 percent of the assets it should have,...

1753: 1374:"A series of bills that expanded eligibility for these medical pensions - and made it easier to get them" increased costs for state and local governments. 1209:

2011 state figures, the CalPERS system is 78% funded with unfunded future liabilities of $ 133 billion. Non-government estimates show a larger shortfall.

6111: 6052: 6047: 5834: 4823: 3789: 1196:, many cities in California came under financial stress due to a combination of factors, which led to three high-profile municipal bankruptcy filings by 954:

Nelson (2006) claimed that his study addressed problems in the methodologies of previous studies (e.g., by controlling for the "contaminating events" of

4885: 4162: 1088:

The CalPERS investment portfolio, which included public and private equities, real estate, fixed income, and infrastructure, supported 1.5 million jobs.

328:

benefits would require no increase in the State's contributions by projecting an average annual return of 8.25% over the next decade. When Board member

6523: 5521: 2432: 1491: 4803: 4783: 3568:

Judge OKs UnitedHealth suit payout. The $ 895 million award that won preliminary approval was one of two suits against the insurer over stock options.

622:

In 1998, it was discovered that several Board members were "taking expense-paid trips and other gifts from people trying to do business with" CalPERS.

6279: 6165: 5882: 3100: 5672: 5202: 3998: 3697: 6528: 5415:"Accountable Care Organization Featuring Shared Global Risk Stimulates Development of Initiatives To Improve Care, Reduces Inpatient Use and Costs" 1010:

who had donated "$ 1.9 million to Democratic candidates and causes". Phil Angelides denied that CalPERS made its decision because of the donations.

777:

Starting in 2000, "screen all its investments in emerging markets for compliance with a number of human rights, environmental and labor standards".

5442: 5183: 4991: 1887: 6308: 6229: 6214: 6209: 4705:

Osterman, Rachel. Motivator vehicles - consultants say old-style ways to reward good work aren't as effective as more-frequent pats on the back.

1100:

If the money that CalPERS paid in benefits were returned to taxpayers, the money would be spent and would therefore still cause "ripple effects".

677: 479:

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

4432: 3636: 1656: 6492: 6175: 5400:

Benfell, Carol. CalPERS health plan may be bellwether: employers statewide may follow california agency's emphasis on preventive medical care.

4280: 3679: 3653: 2406: 1816: 3276: 2167: 850:

With other institutional investors, requested in 2007 that the government "set national, mandatory standards to cut greenhouse gas emissions".

6357: 6293: 6288: 6219: 6155: 5968: 5932: 5638: 4301: 3815: 2990: 379: 4039: 1581: 1161:

However, the rise and fall of the contribution percentages does not affect member-accrued retirement benefits, which are guaranteed by law.

6224: 2568: 1116:

child care facility, conducts employee surveys every two years, offers a training and wellness program, and administers a nationally known

2812: 6185: 6037: 6010: 5877: 4737: 2327: 1771:"CalPERS Reports Preliminary 21.3% Investment Returns for Fiscal Year 2020-21; Strong Returns Trigger Reduction in Discount Rate to 6.8%" 1695: 1427: 5702: 5607: 964:

volatility he could not conclude that the long-term returns were unusual. Barber's paper won a 2006 prize for best study in the area of

6347: 6141: 6015: 5872: 5124: 4409: 4127: 3077: 2720: 1457:

for preventive care visits, raised copayments for other types of office visits, and took other measures in an attempt to reduce costs.

5812: 5329:

Rapaport, Lisa. HMO premiums ease for CalPERS. The public system touts its strategy as a panel OKs the smallest rate hike since 1999.

3761: 3531: 3417: 3352: 6096: 5990: 5150: 4927: 4018: 2495: 1450: 847:

would pay $ 30 million and relinquish options to buy 3.68 million UnitedHealth shares; another former executive would pay $ 500,000.

77: 6362: 6244: 6101: 4107: 3495: 527: 3853: 3590: 2849: 1385:

Retirees can receive two safety disability retirements for the same condition if they are covered by two separate pension systems.

1258:

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

731:

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.

727:, there were large investment income losses. There was a 12 billion dollar investment income loss in 2008 and 55 billion in 2009. 6426: 6416: 6411: 6239: 6121: 6067: 5867: 5827: 4686: 2789: 1397: 1143: 1053: 883:

CalPERS votes against some companies' directors "whose sins are exceedingly small," such as "attendance gaps or minor conflicts".

154: 3012: 1342:) and two other plans to supplement income after retirement or permanent separation from State employment. As of December 2014: 1135:

A formal annual recognition called APEX (Achieving Performance Excellence), with a crystal trophy, a cash award, and a luncheon.

832:; however, that decision was described as "a largely symbolic gesture" because CalPERS "did not own a stake in any of the nine". 615:

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

6482: 6402: 6234: 6000: 5892: 5505: 5288: 3570: 3196:

Frederico Buenrostro Jr.,...entered his plea in San Francisco federal court, and acknowledged receiving...$ 200,000 in cash....

1477: 344: 266:

which opened in 1965; part of the building housed SERS employees, and part of the building was leased to other state agencies.

255: 5462: 2829: 2349: 1138:

Managers are "encouraged to thank workers more often" and "are graded for the amount of ongoing feedback they gave employees".

6518: 6337: 3048: 4501:

Chan, Gilbert. State pensions lift economy, study says - Retiree dollars mean annual $ 21 billion in state, analysis finds.

1872:

But the system is underfunded overall. Its assets are worth about 68 percent of what it owes to retirees and public workers.

893:

Some argue that CalPERS' actions unduly interfere with business and encourage the belief that California is "anti-business".

763:(GM) "to take a more active role in monitoring the company, which may have been a factor in the GM board's ousting chairman 201:

in the United States, with more than $ 469 billion in assets under management as of June 30, 2021. CalPERS is known for its

6436: 6431: 6131: 6042: 4567: 4329: 4022: 3920: 3514:

Hernandez, Greg. Disney splits top job in sharp Eisner rebuke - Pixar, Calpers and Comcast dramas trigger demotion action.

2287: 4459: 3887: 2769: 6328: 6126: 6116: 5887: 5200:

Simple justice. The story behind a record-setting age discrimination settlement and what it could mean in your workplace.

4820: 3211: 2618: 2231: 1993: 1512:

attributable to the LTC program stabilization and sustainability measures and realized participant population morbidity.

570: 5758: 5539: 5225: 3760:

Wood, Christianna; Ailman, Christopher; O’Hara, John; McCauley, Michael; Reali, Peter; Kumar, Rakhi (December 6, 2018).

3251: 2964: 2670: 1854: 6441: 6392: 5937: 5922: 5820: 5248: 4384: 2517: 1449:

determined that from 1997 through 2002 the average annual growth in CalPERS premiums (6.5%) was lower than that of the

940:. Of the firms targeted by the nine funds, "only firms targeted by Calpers experience a positive stock price reaction". 796: 463: 5074:

Miller, Jim, and Jack Katzanek. Pension overhaul ditched. Governor gives in over issue of killed-or-injured benefits.

2770:

2009 California public employees' retirement law. Constitution of the state of California. Article XVI public finance.

2248: 6382: 6298: 5844: 4972: 4208:

Mendoza, Martha. CalPERS: Enron deals were a mistake - but fund still may have netted some money on its investments.

3733: 2070: 1193: 752:, in which it has been described as the most influential pension fund and as "a leader among activist institutions". 724: 5608:"Democrats running for California governor need to stop talking about Trump and start talking about public pensions" 5389:

Federal Employees Health Benefits Program. Premium growth has recently slowed, and varies among participating plans.

5388: 4624: 4479: 3610: 2869: 1132:

The quarterly ACE (Achieving Communication Excellence) award, consisting of a lapel pin and an informal celebration.

6106: 5942: 5927: 1446: 1379: 887: 531: 5518: 4644: 3121: 2111: 1719: 5995: 5729: 5101: 4602: 4135: 3909: 3296: 3231: 2197: 1473: 2544: 1048:

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

507:

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

6194: 6150: 5947: 5797: 1749: 1085:

Investments in California accounted for $ 20.7 billion, or approximately 8.9 percent, of the CalPERS portfolio.

1025: 965: 495: 4353:

CalPERS invested $ 700 million with Davis donor. Billionaire also made contributions to pension board members.

3786: 3401: 2270:

Vellinga, Mary Lynne. CalPERS' new look - It opens a downtown headquarters that's light, airy and innovative.

835:

From September 2006 through July, participated as lead plaintiff in a successful class-action lawsuit against

6477: 6372: 6342: 6057: 4877: 4757: 4169: 1494:, the California Association of Highway Patrolmen, and the Peace Officers Research Association of California. 1435: 355: 5062: 5027: 4352: 2457: 6377: 5268: 4907: 4800: 4780: 4666:

Slater, Pam. Rock stars - one of business's most effective employee-reward programs is simple recognition.

4533:

Chan, Gilbert. Fund's impact in state gauged - CalPERS investments are tied to 124,000 jobs in California.

3097: 1409:

date of separation from employment, and whether or not they were eligible to retire at the time of death".

224:

Overall average = $ 32,224 - (including payments to survivors and workers with only a few years of service)

5102:

Research brief. Pension debate: the myths and realities of defined benefit and defined contribution plans.

5047: 4192:

Kasler, Dale. Enron liability rises for CalPERS. The pension fund now pegs the loss around $ 142 million.

3947:

Smith, Michael P. (March 1996). "Shareholder Activism by Institutional Investors: Evidence from CalPERS".

3353:

On beyond CalPERS: survey evidence on the developing role of public pension funds in corporate governance.

2891: 6472: 6020: 5199: 712:

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

523: 431: 183: 5439: 5226:

CalPERS settles age suit for $ 250 million. Older disabled public safety workers claimed discrimination.

5842: 4988: 1117: 569:

As of 2017, the current Board members are Rob Feckner (President), Priya Sara Mathur, Michael Bilbrey,

519: 489: 312: 307: 1362:

vary by employer, by the contract between CalPERS and the employer, and by the employee's occupation.

880:

was quoted in 2003 as saying that there has been "no countrywide improvement in corporate governance".

6421: 5010: 4429: 4272: 3995: 3676: 3633: 1645: 1389: 1352:

A member-funded Supplemental Contributions Program for 521 participants had $ 20.3 million in assets.

1323: 685: 559: 403: 336: 2318:"Jerry Brown touted his pension reforms as a game-changer. But they've done little to rein in costs" 1813: 780:

As of 2002, called on companies which operate in offshore havens to repatriate to the United States.

577:, Henry Jones (Vice President), Ron Lind, Betty Yee, Bill Slaton, Teresa Taylor and Dana Hollinger. 6497: 6487: 6460: 6367: 5848: 5748: 3150:

Geissinger, Steve. CalPERS head to run new firm - venture capital company is next task for Hanson.

2850:

About CalPERS. The CalPERS organization. Board of Administration. Structure & responsibilities.

2695: 2157: 1276: 886:

Businesses describe CalPERS as having a "pro-labor agenda", especially because of the dominance of

693: 209:

from 7.5% to 7.0%, increasing the costs California cities must pay toward their workers' pensions.

3812: 2988:

Can CalPERS afford to throw stones? The pension fund is rife with potential conflicts of interest.

2987: 2645: 1103:

The economic impact "might be the same if a private investment firm managed the fund's portfolio".

4036: 3698:"Funds managing $ 4.8 trillion press the firearm industry to accept new principles on gun safety" 1182: 1018: 969: 956: 818: 681: 662: 633: 483: 419: 5807: 4949: 5761: 3949: 3528: 1966: 1112:

Among other "offerings to ensure workers are happy as well as healthy," CalPERS has an onsite

803: 455: 435: 263: 71: 4735: 2317: 6091: 5048:

State workers may get hands on their pensions - bill to let them manage the money themselves.

4406: 3074: 1692: 1312: 1224: 933: 290: 5506:

State's retirees, workers hit hard. Long-term care charges to increase 33.6 percent in 2007.

5371:

Rapaport, Lisa. CalPERS squeezed on care - As agencies quit health program, concern mounts.

4124: 1606: 1293: 5345:

Connolly, Ceci. Health-care costs jump at Calpers - big premium increase may signal trend.

3191: 2809: 1834:

Calpers calls for heads to roll at Citigroup over allegations of poor corporate governance.

1201: 919:

In 1994, Nesbitt published a study that found that companies on the Focus List trailed the

749: 642: 278: 202: 121: 5147: 4105:

Confirming the CalPERS effect: academic study links shareowner activism to financial gain.

3813:

CalPERS: too fierce? Why its good-governance crusade may now be doing more harm than good.

2485: 394:

signed legislation that reduced benefits for all new state employees and sought to combat

8: 6465: 6086: 2915:

Public feuding at pension fund; dirty laundry keeps flying at Calpers, no. 1 plan in U.S.

1272:

At least 6 cities (Concord, Fresno, Los Angeles, San Diego, San Francisco , and San Jose)

1197: 904: 795:

CalPERS' lawsuit aimed at the NYSE itself was later thrown out of court, and in 2008 the

4104: 3834: 3492: 2285:

Close to home: A headquarters consolidation more than fills its predecessor’s big shoes.

1261:

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

1028:(CDOs) before the July 2007 mortgage meltdown and for not publicly addressing the issue. 258:, established in 1931, began a close relationship with SERS that continues to this day. 5768: 4810:

CalPERS Circular Letter No. 200-056-08, November 18, 2008. Retrieved December 24, 2008.

4790:

CalPERS Circular Letter No. 200-055-08, November 18, 2008. Retrieved December 24, 2008.

3962: 3765: 3037: 2623: 1998: 1297: 1230: 844: 840: 836: 689: 359: 4683: 2594:"State Senator Lena Gonzalez Introduces Fossil Fuel Divestment Bill in CA Legislature" 1079:

The total economic revenue generated by CalPERS benefits was more than $ 30.4 billion.

515:

Three are appointed (two by the Governor, one by specified leaders of the Legislature)

5577:"Think tank blames sustainable investing for CalPERS' falling investment performance" 3044: 3009: 2490: 2322: 2202: 2162: 2066: 1481: 1113: 858:

for a proposal allowing shareowners to nominate candidates for election to the board.

771: 669: 539: 4257:

Benson, Mitchel. Questioning the books: Calpers vows to help prevent audit schemes.

4081: 3567: 1326:

passed an advisory measure to leave CalPERS in favor of a defined contribution plan.

1013:

As of 2002, CalPERS had invested $ 3.5 billion in "underserved areas of California".

254:

plan. In 1932, the "State Employees' Retirement System" (SERS) began operation. The

4055: 3958: 3387:

Reuters News Service. Largest pension fund adopts social responsibility standards.

1305: 807: 605: 551: 2746:"'Moral Failure': California Dem Pulls Plug on Fossil Fuel Divestment Legislation" 1346:

The CalPERS 457 Plan serves 27,526 participants and had $ 1.296 billion in assets.

415: 5469: 5446: 5295: 5275: 5255: 5232: 5206: 5154: 5131: 5108: 5034: 5014: 4995: 4976: 4953: 4934: 4914: 4827: 4807: 4787: 4764: 4741: 4690: 4651: 4606: 4574: 4554: 4486: 4463: 4436: 4413: 4391: 4336: 4229: 4131: 4111: 4088: 4062: 4043: 4002: 3916: 3883: 3819: 3793: 3683: 3660: 3640: 3617: 3597: 3574: 3535: 3499: 3447: 3441:

Corporate conduct: the overview; chairman quits stock exchange in furor over pay.

3424: 3359: 3303: 3283: 3258: 3238: 3215: 3104: 3081: 3032: 3016: 2994: 2971: 2921: 2875: 2856: 2836: 2816: 2796: 2776: 2619:"State Senate proposal would force CalPERS, CalSTRS to sell oil and gas holdings" 2291: 2255: 2235: 2198:"How a governor's bid to exert control over California public pensions backfired" 2118: 1994:"More than 1,000 public pensions in California are so big they exceed IRS limits" 1840: 1820: 1757: 1727: 1699: 1003: 673: 395: 371: 4223:

Enron's many strands: a big investor; even a watchdog is not always fully awake.

2721:"California bill requiring CalPERS, CalSTRS to divest halted by committee chair" 2284: 4456: 1242: 1205: 814: 784: 764: 760: 598: 590: 555: 378:

tree which is made of steel covered with glass. The project was awarded a Gold

351: 329: 274: 5743: 5169:

Clifford, James O. CalPERS reviewing records for fraudulent disability cases.

3729:"$ 5 Trillion Investor Coalition to Pressure Gun Companies on Safety Measures" 3208: 2407:"California calls on pension funds to divest from coal in climate change push" 2228: 1189:

called CalPERS asserted reliance on bringing in new members “a Ponzi scheme”.

1181:

Employers’ contributions and stated unfunded liabilities are calculated using

824:

In 2006, banned investment of its funds in nine companies that do business in

6512: 5525: 3910:

Long-term rewards from shareholder activism: a study of the "CalPERS effect."

3190:

Elias, Paul (July 22, 2014). "Former CALPERS Chief Admits to Taking Bribes".

2830:

California State Regulatory Agency List. Public Employees' Retirement System.

2545:"Pressure Mounts on CalPERS to Ditch Fossil Fuels | Chief Investment Officer" 1921:"CalPERS votes to lower expected investment return rate to 7 percent by 2020" 1356: 1007: 459: 92: 79: 4026:, Spring 2003, vol. 15, issue 3, pages 102-111. Retrieved November 22, 2008. 1888:"Borenstein: CalPERS about to bury taxpayers, cities, counties in more debt" 1333: 4149:

New study on the CalPERS effect wins 2006 Moskowitz Prize for SRI research.

908: 627: 585:

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

563: 451: 422:

majority leader at the time, introduced legislation to require CalPERS and

198: 4969: 2375:"Blackstone to buy about $ 3 billion in property fund stakes from Calpers" 1043: 821:; Eisner was removed as chairman of the board and in 2005 resigned as CEO. 454:'s tenure, activists have increasingly called for CalPERS to more broadly 16:

California government agency which manages pensions for government workers

5540:"Reforming Public-Sector Pensions to Improve California's Fiscal Outlook" 2518:"Resolution Calling for CalPERS Fossil Fuel Divestment | Academic Senate" 2433:"California Democrats Approve Sweeping Fossil Fuel Divestment Resolution" 1186: 1036: 914: 574: 391: 302: 1796:

Sidel, Robin. "Calpers effect" may give lift to underperforming stocks.

3348: 1315:

proposed a ballot initiative to require new public employees to join a

920: 907:

showed the companies engaged by CalPERS significantly outperformed the

862: 543: 340: 191: 35: 709:

CalPERS current fund balance value as of June 2021 is 466.66 Billion.

335:

The benefits expansion bill, SB 400, passed with unanimous backing by

5802: 2297:, vol. 2, no. 2, April 2007, pages 78-83. Retrieved November 6, 2008. 1720:

Facts at a Glance - Public Employees' Retirement Fund (PERF), 2020-21

1454: 937: 877: 770:

Demanded in 1999 that U.S. companies in its portfolio disclose their

547: 282: 277:

was a PERS Board member in the mid-1980s. He began PERS' emphasis on

3979: 3334:

Kim, James. Speaking for shareholders. CEO of CalPERS wields clout.

1338:

CalPERS is responsible for a deferred compensation retirement plan (

1002:

In 2002, it was revealed that CalPERS had invested $ 700 million in

897: 3039:

The Rise of the Working-Class Shareholder: Labor's Last Best Weapon

1412: 1339: 829: 638: 367: 301:

In 1990, fund value reached $ 49.8 billion. In July 1991, Governor

233:

Police or Firefighters with 20+ years of service average = $ 78,104

4599: 3933:

Strother Clarke, Susan. CalPERS effect: making noise makes money.

3580:(Minneapolis, MN), December 18, 2008. Retrieved December 24, 2008. 2939:

Chernoff, Joel. CalPERS sued for hiking pay of in-house managers.

1249: 1120:

program. The employee recognition program has several components:

869:

CalPERS has received some criticism for its shareholder activism:

20:

Board of Administration of the Public Employees' Retirement System

6081: 4163:"Update to The "CalPERS Effect" on Targeted Company Share Prices" 3252:

About CalPERS. The CalPERS organization. Divisions & offices.

2379: 1558: 1540:, the most recent year with no unfunded liabilities was FY 2007. 1282: 423: 347:

president praising it as “the biggest thing since sliced bread”.

187: 5759:

Great Speeches and Interviews: CalPERS urged to divest from KBR.

4627:

AllBusiness.com, September 1, 2002. Retrieved November 19, 2008.

4568:

CalPERS and CalSTRS pensions power up state and local economies.

3677:

Towards Sustainable Investment & Operations: Making Progress

876:

Despite the efforts of CalPERS and others, the chief counsel of

4008:, 1998, vol. 7, no. 1, pages 1-10. Retrieved November 21, 2008. 1316: 1126: 988: 791:

because of an exorbitant pay package; he resigned the next day.

755:

Among other examples of its shareholder activism, CalPERS has:

704: 594: 399: 398:. Legislators rejected Governor Brown's proposals to include a 285:

and other corporate practices that benefited only management".

26: 5794:

Board of Administration of Public Employees' Retirement System

5786: 4385:

Banks sell 'toxic waste' CDOs to Calpers, Texas Teachers Fund.

3994:

Crutchley, Claire E., Carl D. Hudson, and Marlin R.H. Jensen.

3553:

Phelps, David. Inside track - judge selects pension pit bull.

3122:"Calpers criticized for passive approach to pension 'spiking'" 2646:"Top US pension fund rejects calls for fossil fuel divestment" 1388:

Because California law prevents light-duty assignments in the

358:. In 2001–2002, CalPERS provided technical assistance for the 165: 5391:

Report GAO-07-141, December 2006. Retrieved November 8, 2008.

5313:

Alvarado, Donna. CalPERS strikes blow for health care costs.

4147:

University of California, Berkeley, Haas School of Business.

825: 783:

With other pension funds, on September 16, 2003, called upon

363: 354:

burst, and CalPERS did not grow, instead losing value in the

4330:

GOP questions Davis donor's link to huge CalPERS investment.

4037:

Good corporate governance works: more evidence from CalPERS.

1812:

Republic of the Philippines, Office of the Press Secretary.

1082:

CalPERS benefits created 113,664 jobs throughout California.

4054:

English, Philip C., Thomas I. Smythe, and Chris R. McNeil.

3701: 3098:

Calpers president says governor, chamber behind his ouster.

1024:

CalPERS has been criticized for being foolish to invest in

788: 427: 5417:. Agency for Healthcare Research and Quality. 2013-05-08. 4734:

California Public Employees Retirement Law, 2014 Edition.

4114:

SocialFunds.com, May 9, 2006. Retrieved November 23, 2008.

3620:

CNNMoney.com, March 19, 2007. Retrieved December 27, 2008.

1392:, some officers are "forced to retire against their will." 1357:

Disability retirement and industrial disability retirement

6388:

San Francisco Bay Conservation and Development Commission

5007: 4847: 3835:

The Calpers effect: is the power of pension funds waning?

3762:"Principles for a Responsible Civilian Firearms Industry" 1334:

Deferred compensation and other supplemental income plans

4848:"A Sour Surprise for Public Pensions: Two Sets of Books" 4517:

Lifsher, Marc. Study touts CalPERS' benefit to economy.

3759: 4946: 4548:

CalPERS Economic Impacts of California Pension Payments

3628: 3626: 3271: 3269: 3267: 1044:

Studies commissioned by CalPERS on its economic impacts

1035:

As of 2021, CalPERS has invested about $ 30 billion in

498:, Title 2, Division 1, Chapter 2, Sections 550–559.554. 5973:

Governor's Office of Business and Economic Development

4019:

The shareholder wealth effects of CalPERS' focus list.

2569:"Fossil fuel divestment bill passes California Senate" 1912: 1855:"Pension costs 'unsustainable,' California cities say" 1846: 1814:

PGMA welcomes CalPERS upgrade of RP investment rating.

1808: 1806: 1283:

California State Teachers' Retirement System (CalSTRS)

915:

Analysis of performance of companies on the Focus List

618:

Other controversies have affected the Board, such as:

212: 5703:"Historical Factors Impact Funded Status (1993-2018)" 5673:"Can California Save Itself From A Pension Disaster?" 5358:

Bloomberg News. Calpers raises health care premiums.

4968:

California Association of Public Retirement Systems.

4821:

CalPERS' portfolio value rocked by market volatility.

4457:

CalPERS: Fund caught off guard by extent of downturn.

4125:

Monitoring the monitor: evaluating CalPERS' activism.

2892:

Statement on Turkish past fuels feud at pension fund.

661:

CalPERS employees perform under the direction of the

4244:

White, Ben. Calif. pension fund makes no apologies.

3634:

Towards Sustainable Investing: Taking Responsibility

3623: 3264: 1144:

National Association for Employee Recognition (NAER)

6255:

Office of Statewide Health Planning and Development

4720:

Pamela Sabin Recognition Champion Award Recipients.

4324: 4322: 3478:High court rejects appeal by CalPERS in NYSE suit. 3418:

Officials in 2 states urge Big Board chief to quit.

3374:Bloomberg News. CalPERS asks firms for Y2K update. 3075:

Calpers ouster puts focus on how funds wield power.

2458:"CalPERS set to divest from thermal-coal companies" 1803: 1538:

Historical Factors Impact Funded Status (1993-2018)

1072:for the fiscal year ending June 30, 2012 included: 828:until the government of that country halts ongoing 362:because it had sustained financial losses from the 5125:Disability & industrial disability retirement. 5087:Howe, Kevin. Voters approve leaving pension plan. 3453:, September 18, 2003. Retrieved December 20, 2008. 3430:, September 17, 2003. Retrieved December 20, 2008. 3036: 2878:Board members. May 2, 2014. Retrieved May 8, 2014. 1492:California Correctional Peace Officers Association 1052:CalPERS retirement benefits payments. Prepared by 723:With the stock market decline in 2008, during the 4730: 4728: 3996:Shareholders wealth effects of CalPERS' activism. 3654:Apple Shareholders Vote Down Investors’ Proposals 3591:Judge OKs another UnitedHealth options settlement 3209:CalPERS names Marzion as interim chief executive. 2943:, Vol. 29, Issue 4, February 19, 2001, pages 3-4. 2927:, November 27, 2001. Retrieved December 20, 2008. 2671:"CalPERS' board opposes 2 state divestment bills" 1428:Health Maintenance Organization (HMO) Act of 1973 1039:, which has been criticized by environmentalists. 407:reform are estimated to be $ 28 to $ 38 billion. 6510: 6171:Office of Environmental Health Hazard Assessment 5387:United States Government Accountability Office. 5325: 5323: 5301:, February 10, 1993. Retrieved November 8, 2008. 5238:, January 31, 2003. Retrieved December 18, 2008. 5212:, July–August 2003. Retrieved December 18, 2008. 4989:University of California Retirement Plan (UCRP). 4770:, December 8, 2008. Retrieved December 18, 2008. 4319: 4235:, February 5, 2002. Retrieved December 22, 2008. 4068:, January 2004, vol. 10, issue 1, pages 157-174. 3799:, January 26, 2003. Retrieved December 24, 2008. 3022:, January 31, 2003. Retrieved December 27, 2008. 2977:, October 13, 2002. Retrieved December 23, 2008. 2897:, October 25, 1999. 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Retrieved December 24, 2008. 2038: 2036: 2034: 2032: 2030: 2028: 2026: 2024: 2022: 2020: 1490:7% are enrolled in "association" plans for the 1250:Retirement benefits under defined benefit plans 1221:Retirement benefits under defined benefit plans 1107: 799:declined to reinstate that part of the lawsuit. 5630: 5531: 4725: 4374:, March 15, 2004. Retrieved December 26, 2008. 4302:"Pension Fund Makes Big Investment in Biotech" 4151:October 30, 2006. Retrieved November 22, 2008. 3983:Journal of Financial and Quantitative Analysis 3669: 3365:, March 2008, Vol. 61, Issue 2, pages 315-354. 2842: 1823:February 3, 2006. Retrieved December 26, 2008. 1687: 1685: 1683: 1681: 1679: 1677: 1527: 339:Democrats and was signed into law by Governor 190:and health benefits for more than 1.5 million 176:California Public Employees' Retirement System 5828: 5320: 5184:More questions in CHP disability fraud probe. 5148:Medical pensions: Is the state's system sick? 5053:, June 29, 1996. Retrieved December 27, 2008. 5008:California State Teachers' Retirement System. 4752: 4750: 4138:, November 2006. Retrieved November 23, 2008. 3666:, Feb. 28, 2014. Retrieved December 10, 2014. 3261:January 15, 2008. Retrieved November 3, 2008. 3000:, June 24, 2002. Retrieved December 27, 2008. 2886: 2884: 2191: 2189: 2187: 2185: 2063:Dedication. Vision. Heart. The CalPERS story. 1744: 1742: 1740: 1738: 1736: 1714: 1712: 1710: 1708: 1070:CalPERS Economic Impacts in California Report 380:Leadership in Energy and Environmental Design 5528:March 26, 2011. Retrieved December 12, 2014. 5500: 5498: 5496: 5452: 5449:December, 2014. Retrieved December 12, 2014. 5341: 5339: 5309: 5307: 4937:April 25, 2008. Retrieved December 21, 2008. 4701: 4699: 4639: 4637: 4635: 4633: 4577:April 19, 2007. Retrieved November 20, 2008. 4524: 4508: 4492: 4361: 4358:, May 26, 2002. Retrieved December 26, 2008. 3878:Aguilar, Melissa Klein (November 23, 2010). 3825:, June 7, 2004. Retrieved December 20, 2008. 3600:August 21, 2009. Retrieved December 09, 2014 3493:CalPERS wants to curb soaring executive pay. 3314: 3312: 3163:Pender, Kathleen. Calpers appoints new CEO. 3069: 3067: 2959: 2957: 2955: 2953: 2951: 2949: 2017: 1843:April 14, 2004. Retrieved December 26, 2008. 1750:Facts at a Glance - Health Benefits, 2019-20 1582:"Fiscal Year 2024-25 Annual Budget Proposal" 1559:California State Teachers' Retirement System 705:Investment income gains and losses 1999-2021 5486:Schnitt, Paul, Pension fund to hike costs. 5482: 5480: 5478: 5383: 5381: 5111:December 2007. Retrieved December 27, 2008. 4964: 4962: 4841: 4839: 4801:Investment return impact on employer rates. 4781:Investment return impact on employer rates. 4619: 4617: 4615: 4557:June 30, 2012. Retrieved December 10, 2014. 4342:, May 2, 2002. Retrieved December 26, 2008. 4204: 4202: 3980:Pension fund activism and firm performance. 3439:Morgenson, Gretchen, and Landon Thomas Jr. 2935: 2933: 2266: 2264: 2098:, May 14, 2007. Retrieved October 30, 2008. 2087: 2085: 2083: 2081: 2079: 1674: 1646:"Facts at a Glance for Fiscal Year 2021–22" 1519: 40:Headquarters at Lincoln Plaza in Sacramento 6006:Bureau for Private Postsecondary Education 5969:Governor's Office of Planning and Research 5835: 5821: 5666: 5664: 5194: 5192: 5142: 5140: 4917:April 9, 2008. Retrieved November 4, 2008. 4846:Walsh, Mary Williams (18 September 2016). 4747: 4678: 4676: 4215: 4076: 4074: 4029: 3807: 3805: 2881: 2696:"California Divestment Bill Moves Forward" 2616: 2311: 2309: 2307: 2305: 2303: 2258:June 27, 2008. Retrieved November 3, 2008. 2182: 2151: 2149: 2147: 1991: 1885: 1733: 1705: 1702:January 2009. Retrieved December 24, 2008. 1498: 936:for CalPERS and eight other funds such as 502: 34: 25: 6524:Public pension funds in the United States 5568: 5493: 5336: 5304: 5134:May 1, 2007. Retrieved December 18, 2008. 5119: 5117: 4718:Recognition Professionals International. 4696: 4630: 4430:Bankruptcy for CalPERS-backed LandSource. 3985:, March 1996, vol. 31, no. 1, pages 1-23. 3726: 3549: 3547: 3309: 3064: 2946: 2909: 2907: 2905: 2903: 2828:California Office of Administrative Law. 2479: 2477: 2145: 2143: 2141: 2139: 2137: 2135: 2133: 2131: 2129: 2127: 1576: 1574: 1468:Enrollees can join three types of plans: 1451:Federal Employees Health Benefits Program 1172: 538:Notable past Board members have included 244:Average Social Security payout = $ 17,532 6053:Alcoholic Beverage Control Appeals Board 5847:, departments and other entities of the 5599: 5475: 5378: 4959: 4836: 4612: 4199: 4017:Anson, Mark, Theodore White, and Ho Ho. 3974: 3972: 3848: 3846: 3686:April 2014. Retrieved December 10, 2014. 3643:April 2014. Retrieved December 10, 2014. 3043:. Harvard University Press. p. 11. 2930: 2455: 2261: 2121:May 2, 2007. Retrieved November 3, 2008. 2076: 1955: 1953: 1951: 1949: 528:California Department of Human Resources 445: 6529:Government agencies established in 1932 5964:Governor's Office of Emergency Services 5863:Business, Consumer Services and Housing 5661: 5574: 5289:Wrestling health-care costs to the mat. 5220: 5218: 5189: 5137: 4673: 4251: 4071: 3877: 3802: 3727:McElhaney, Alicia (November 14, 2018). 3474: 3472: 2965:Calpers wears a party, or union, label. 2300: 1918: 1792: 1790: 1640: 1638: 1636: 1634: 1632: 1630: 1628: 1398:Equal Employment Opportunity Commission 1155: 1054:California State University, Sacramento 898:The Focus List and the "CalPERS effect" 742: 385: 296: 230:30+ years of service average = $ 66,373 227:20+ years of service average = $ 50,333 155:California Government Operations Agency 6511: 6260:Office of Health Information Integrity 5636: 5537: 5114: 4238: 4160: 3583: 3557:(Minneapolis, MN), September 18, 2006. 3544: 3330: 3328: 3286:June 2014. Retrieved December 09, 2014 3277:Comprehensive Annual Financial Reports 3031: 2900: 2498:from the original on 18 September 2016 2474: 2170:from the original on 18 September 2016 2124: 2106: 2104: 2065:Chantilly, VA: History Factory, 2007. 1959: 1852: 1571: 980: 932:Wahal (1996) analyzed the efficacy of 573:, Richard Costigan, Richard Gillihan, 542:(1967–1969), Jesse Unruh (1983–1987), 458:. On February 17, 2022, State Senator 345:California State Employees Association 322: 262:(62,000 m), 16-story building in 256:California State Employees Association 5816: 5639:"The State Pension Funding Gap: 2016" 4888:from the original on 4 September 2014 4845: 4082:The “CalPERS effect” revisited again. 3969: 3946: 3924:, 1994, vol. 6, issue 4, pages 75-80. 3843: 3695: 3189: 2617:Venteicher, Wes (February 20, 2022). 2539: 2537: 2430: 2387:from the original on February 4, 2019 2195: 2155: 1946: 813:In 2004, with other parties, opposed 6309:Unemployment Insurance Appeals Board 6230:Managed Risk Medical Insurance Board 5683:from the original on 3 November 2018 5649:from the original on 3 November 2018 5618:from the original on 3 November 2018 5587:from the original on 3 November 2018 5556:from the original on 3 November 2018 5215: 4858:from the original on 27 October 2020 4586:Reed, Chris. America's finest blog. 4023:Journal of Applied Corporate Finance 3921:Journal of Applied Corporate Finance 3469: 3176:State agency chief to head CalPERS. 3119: 2372: 2330:from the original on 7 November 2016 2210:from the original on 10 October 2016 2093:CalPERS a model of innovation at 75. 1985: 1787: 1625: 1233:and industrial disability retirement 1142:Two CalPERS employees received 2000 817:as chairman of the board and CEO of 143:Theresa Taylor, Board Vice President 6493:Fair Political Practices Commission 6176:State Water Resources Control Board 5605: 4655:Corporate Meetings & Incentives 4279:. American City Business Journals. 4273:"CalPERS: $ 500 million to biotech" 4035:Anson, Mark, Ted White, and Ho Ho. 3560: 3466:(Riverside, CA), December 20, 2003. 3402:CalPERS targets offshore companies. 3325: 3132:from the original on 3 October 2014 2808:Legislative Counsel of California. 2483: 2373:Qing, Koh Gui (November 12, 2015). 2315: 2101: 1227:and other supplemental income plans 213:Statistics on pension payouts, 2018 197:CalPERS manages the largest public 13: 6294:Agricultural Labor Relations Board 6205:Community Services and Development 5723: 5670: 5575:Diamond, Randy (5 December 2017). 3963:10.1111/j.1540-6261.1996.tb05208.x 3741:from the original on April 2, 2019 3708:from the original on April 2, 2019 2859:August 27, 2008. November 3, 2008. 2534: 1662:from the original on 21 April 2022 1421: 1021:personally expressed appreciation. 434:passed a resolution in support of 14: 6540: 6304:Public Employment Relations Board 6299:Employment Development Department 6265:Office of Law Enforcement Support 6033:Housing and Community Development 5778: 4161:Junkin, Andrew (March 19, 2015). 3880:"CalPERS Drops Annual Focus List" 2156:Dolan, Jack (18 September 2016). 1886:Borenstein, Daniel (2017-12-18). 1403: 6011:Bureau of Real Estate Appraisers 5901: 5695: 5511: 5432: 5407: 5404:(Santa Rosa, CA), June 21, 2007. 5394: 5365: 5352: 5281: 5261: 5241: 5176: 5163: 5146:Korber, Dorothy, and John Hill. 5094: 5081: 5068: 5056: 5040: 5020: 5001: 4982: 4940: 4920: 4900: 4870: 4813: 4793: 4773: 4712: 4660: 4593: 4580: 4560: 4540: 4472: 4449: 4422: 4400: 4377: 4345: 4294: 4264: 4186: 4154: 4141: 4117: 4097: 4048: 4011: 3696:Moyer, Liz (November 14, 2018). 1447:Government Accountability Office 1322:In November 2008, the voters of 1150: 597:, the country; who doesn't like 580: 532:California State Personnel Board 6016:Contractors State License Board 5883:Labor and Workforce Development 5709:from the original on 2019-06-01 5421:from the original on 2016-01-16 5078:(Riverside, CA), April 8, 2005. 5063:Bill documents (AB 3252, 1996). 4878:"Public Pensions in California" 4308:from the original on 2018-03-22 4283:from the original on 2004-06-18 4277:Silicon Valley Business Journal 4270: 4136:University of California, Davis 4094:, 2006, vol. 12, pages 187-213. 4056:The “CalPERS effect” revisited. 3988: 3940: 3927: 3902: 3871: 3860:from the original on 2017-10-25 3828: 3779: 3753: 3720: 3689: 3646: 3603: 3521: 3508: 3485: 3456: 3433: 3410: 3394: 3381: 3368: 3341: 3289: 3244: 3224: 3201: 3183: 3170: 3157: 3144: 3120:Reid, Time (9 September 2014). 3113: 3090: 3025: 3003: 2980: 2862: 2822: 2802: 2782: 2762: 2738: 2713: 2688: 2663: 2638: 2610: 2586: 2561: 2510: 2484:Lin, Judy (18 September 2016). 2449: 2424: 2399: 2366: 2342: 2277: 2241: 2222: 2006:from the original on 2019-08-07 1974:from the original on 2019-08-06 1927:from the original on 2018-03-20 1894:from the original on 2018-02-24 1861:from the original on 2018-02-08 1826: 1536:According to the CalPERS chart 1474:health maintenance organization 1265:At least 22 counties (Alameda, 1026:collateralized debt obligations 6270:Office of the Patient Advocate 5918:Corrections and Rehabilitation 5798:California Code of Regulations 5637:Mennis, Greg (12 April 2018). 3462:Our view. Fraud on the floor. 2249:Lincoln Plaza East & West. 2196:Myers, John (7 October 2016). 1992:Venteicher, Wes (2019-08-06). 1890:. The San Jose Mercury Times. 1763: 1599: 966:socially responsible investing 625:Articles in 2002–03 issues of 496:California Code of Regulations 1: 6478:California Community Colleges 5808:CalPERS Investor Profile SWFI 4480:CalPERS - an economic engine. 3854:"CalPERS: Focus List Program" 2456:Starkman, Dean (2015-10-19). 2316:Lin, Judy (28 October 2016). 2112:Lincoln Plaza North building. 1565: 1543: 1436:1993 Clinton health care plan 1194:financial crisis of 2007–2008 725:financial crisis of 2007–2008 699: 656: 469: 356:stock market downturn of 2002 221:Total beneficiaries = 600,000 140:Henry Jones , Board President 6519:State agencies of California 6427:Board of Pilot Commissioners 6353:Forestry and Fire Protection 6122:Office of Administrative Law 5749:Resources in other libraries 5508:Retrieved November 19, 2008. 5472:Retrieved November 19, 2008. 5278:Retrieved November 26, 2008. 5258:Retrieved November 26, 2008. 5065:Retrieved December 27, 2008. 5037:Retrieved December 23, 2008. 5017:Retrieved December 23, 2008. 4998:Retrieved December 23, 2008. 4979:Retrieved December 23, 2008. 4956:Retrieved December 23, 2008. 4928:CalPERS retirement benefits. 4744:Retrieved December 09, 2014. 4722:Retrieved November 19, 2008. 4693:Retrieved November 21, 2008. 4645:More than a pat on the back. 4609:Retrieved December 21, 2008. 4489:Retrieved November 20, 2008. 4092:Journal of Corporate Finance 4066:Journal of Corporate Finance 2839:Retrieved December 24, 2008. 2819:Retrieved December 24, 2008. 2799:Retrieved December 24, 2008. 2779:Retrieved December 24, 2008. 1919:Carroll, Rory (2016-12-21). 1371:evidence of possible fraud". 1108:Employee recognition program 589:In 1999, after Board member 7: 6483:Public Utilities Commission 6473:California State University 6314:Workforce Development Board 6028:Fair Employment and Housing 6001:Bureau of Automotive Repair 5856:Cabinet-level superagencies 3787:The revolution that wasn't. 2810:California Government Code. 2431:Hirji, Zahra (2015-05-22). 1960:Sforza, Teri (2019-08-05). 1853:Ashton, Adam (2018-02-02). 1760:Retrieved October 09, 2021. 1730:Retrieved October 09, 2021. 1693:Facts at a glance: general. 1552: 1528:Unfunded Liabilities Crisis 1212: 524:California State Controller 432:California Democratic Party 218:Total payout = $ 22 billion 184:California executive branch 55:; 92 years ago 10: 6545: 6215:Medical Services Authority 6112:Tax and Fee Administration 6048:Alcoholic Beverage Control 5899: 5547:Pacific Research Institute 5186:KGO TV, November 24, 2006. 5028:Understanding reciprocity. 4908:CalPERS benefits overview. 2941:Pensions & Investments 2768:Michie's Legal Resources. 2725:Pensions & Investments 2675:Pensions & Investments 2096:Pensions & Investments 1294:defined contribution plans 668:Reporting to the CEO, the 520:California State Treasurer 490:California Government Code 313:California elections, 1992 308:Constitution of California 248: 6453: 6437:High-Speed Rail Authority 6432:Transportation Commission 6401: 6327: 6319:Employment Training Panel 6278: 6184: 6140: 6132:Victim Compensation Board 6066: 5980: 5956: 5911:Cabinet-level departments 5910: 5878:Health and Human Services 5855: 5744:Resources in your library 5171:Daily News of Los Angeles 4168:. CalPERS. Archived from 4006:Financial Services Review 3529:New laws hit Sudan funds. 3516:Daily News of Los Angeles 3152:Daily News of Los Angeles 1607:"Board Members - CalPERS" 1587:. CalPERS. April 16, 2024 1478:Blue Shield of California 1390:California Highway Patrol 1324:the city of Pacific Grove 686:chief information officer 404:defined contribution plan 337:California State Assembly 293:and landscaped terraces. 160: 150: 130: 116: 108: 67: 49: 44: 33: 24: 6498:Little Hoover Commission 6461:University of California 6446:Office of Traffic Safety 6368:CALFED Bay-Delta Program 6166:Toxic Substances Control 6127:Complete Count Committee 5873:Environmental Protection 5803:CalPERS Shareowner Forum 5581:Pensions and Investments 5463:Long-term care benefits. 4625:Recognizing achievement. 1520:Member Home Loan Program 1311:In early 2005, Governor 1277:University of California 694:chief investment officer 456:divest from fossil fuels 370:bankruptcies. After the 6442:New Motor Vehicle Board 5236:San Francisco Chronicle 5051:San Francisco Chronicle 4768:San Francisco Chronicle 4600:Montessori In The City. 4588:San Diego Union-Tribune 4356:San Francisco Chronicle 4340:San Francisco Chronicle 3165:San Francisco Chronicle 1499:Long-term care benefits 1183:actuarial present value 1019:Gloria Macapagal Arroyo 970:Haas School of Business 957:The Wall Street Journal 819:The Walt Disney Company 682:chief financial officer 663:chief executive officer 634:The Wall Street Journal 503:Board of Administration 484:California Constitution 420:California State Senate 6383:State Lands Commission 6210:Developmental Services 6200:Child Support Services 5762:Sacramento, California 5089:Monterey County Herald 3950:The Journal of Finance 3734:Institutional Investor 3376:Orange County Register 3347:Choi, Stephen J., and 3073:Walsh, Mary Williams. 2986:Palmeri, Christopher. 2963:Walsh, Mary Williams. 2890:Rosenblatt, Robert A. 1967:Orange County Register 1941: 1907: 1874: 1857:. The Sacramento Bee. 1832:Griffiths, Katherine. 1476:plans administered by 1173:Employer contributions 804:executive compensation 530:, and designee of the 474: 436:fossil fuel divestment 182:) is an agency in the 72:Sacramento, California 6107:State Personnel Board 5957:Cabinet-level offices 5868:Government Operations 5643:Pew Charitable Trusts 5490:, September 20, 2002. 5315:San Jose Mercury News 4684:Employee recognition. 4537:, September 19, 2007. 4521:, September 19, 2007. 4419:blog, August 3, 2007. 3541:, September 26, 2006. 3480:San Jose Mercury News 3363:Vanderbilt Law Review 3320:Philadelphia Inquirer 3180:, September 19, 2002. 3167:, September 16, 1994. 1936: 1903: 1870: 1313:Arnold Schwarzenegger 1231:Disability retirement 1225:Deferred compensation 1006:funds of billionaire 934:pension-fund activism 802:Called for reform in 759:Lobbied the board of 643:conflicts of interest 518:Four are ex officio ( 446:Governor Gavin Newsom 6454:Independent entities 6393:Colorado River Board 6358:Parks and Recreation 6289:Industrial Relations 6220:Health Care Services 6156:Pesticide Regulation 5996:Board of Accountancy 5933:Food and Agriculture 5774:, February 10, 2005. 5504:Colliver, Victoria. 5375:, September 1, 2003. 5317:, February 10, 1994. 5173:, November 14, 1997. 4304:. 19 February 2018. 4261:, February 22, 2002. 4221:Henriques, Diana B. 4196:, February 23, 2002. 3908:Nesbitt, Stephen L. 3785:Deutsch, Claudia H. 3505:, November 16, 2004. 3416:Thomas Jr., Landon. 3407:, November 19, 2002. 3391:, November 15, 2000. 3338:, February 23, 1993. 3192:The Associated Press 3010:Cronyism at Calpers. 2354:www.swfinstitute.org 2295:GreenSource Magazine 2274:, November 12, 2005. 1472:68% are enrolled in 1445:A 2006 study by the 1298:defined benefit plan 1156:Member contributions 1118:employee recognition 1068:Key findings of the 750:corporate governance 743:Shareholder activism 645:among Board members. 386:Governor Jerry Brown 306:an amendment to the 297:Governor Pete Wilson 279:corporate governance 203:shareholder activism 6225:Managed Health Care 6151:Air Resources Board 6087:Franchise Tax Board 5849:State of California 5538:Winegarden, Wayne. 5091:, November 6, 2008. 4882:www.ballotpedia.org 4799:Seeling, Ronald L. 4779:Seeling, Ronald L. 4709:, October 31, 2005. 4259:Wall Street Journal 4248:, January 20, 2002. 4210:Ventura County Star 3890:on October 25, 2017 3838:Ethical Corporation 3664:Wall Street Journal 3609:Hargreaves, Steve. 3378:, January 27, 1999. 3232:Executive officers. 3110:, December 1, 2004. 3087:, December 2, 2004. 3020:Wall Street Journal 2700:Energy Intelligence 2437:Inside Climate News 2283:Boehland, Jessica. 1798:Wall Street Journal 1292:Some people prefer 981:Notable investments 905:Wilshire Associates 787:to resign from the 323:Governor Gray Davis 89: / 21: 6373:Coastal Commission 6343:Conservation Corps 6058:Horse Racing Board 6038:Business Oversight 5767:Greider, William. 5468:2008-10-27 at the 5445:2014-12-11 at the 5294:2018-07-28 at the 5287:Reinhold, Robert. 5274:2009-05-04 at the 5254:2009-05-04 at the 5231:2003-02-24 at the 5205:2008-06-27 at the 5153:2009-03-26 at the 5130:2008-10-27 at the 5107:2009-03-26 at the 5033:2008-10-27 at the 5013:2006-06-15 at the 4994:2008-12-26 at the 4975:2009-03-02 at the 4952:2020-08-08 at the 4933:2008-10-27 at the 4913:2008-10-27 at the 4852:The New York Times 4826:2020-10-27 at the 4806:2009-03-26 at the 4786:2009-03-26 at the 4763:2011-12-25 at the 4740:2014-12-09 at the 4689:2009-03-26 at the 4670:, August 30, 1999. 4650:2006-05-05 at the 4605:2009-03-18 at the 4573:2008-10-27 at the 4553:2014-12-14 at the 4485:2008-10-27 at the 4462:2008-06-14 at the 4435:2008-06-12 at the 4412:2008-02-13 at the 4390:2007-09-30 at the 4335:2006-04-28 at the 4228:2018-07-28 at the 4130:2009-03-26 at the 4110:2008-09-27 at the 4087:2020-10-27 at the 4061:2020-10-27 at the 4042:2017-10-25 at the 4001:2007-01-30 at the 3915:2017-10-25 at the 3818:2009-02-24 at the 3792:2018-07-28 at the 3766:Harvard Law School 3682:2014-07-23 at the 3659:2014-12-10 at the 3639:2014-12-14 at the 3616:2019-03-02 at the 3596:2014-12-20 at the 3573:2009-02-03 at the 3534:2007-04-26 at the 3498:2009-03-26 at the 3446:2018-07-28 at the 3423:2018-07-28 at the 3358:2009-10-15 at the 3322:, October 8, 2000. 3302:2008-10-27 at the 3282:2014-11-22 at the 3257:2008-10-27 at the 3237:2008-10-27 at the 3214:2008-05-14 at the 3103:2011-06-22 at the 3080:2015-05-28 at the 3015:2018-03-19 at the 2993:2009-02-11 at the 2970:2018-07-28 at the 2920:2018-07-28 at the 2874:2014-07-22 at the 2855:2008-10-27 at the 2835:2008-12-17 at the 2815:2010-05-05 at the 2795:2008-10-27 at the 2775:2008-10-27 at the 2624:The Sacramento Bee 2573:Financial Standard 2290:2008-06-03 at the 2254:2008-10-27 at the 2234:2008-05-09 at the 2117:2008-10-27 at the 2091:Pichardo, Raquel. 1999:The Sacramento Bee 1839:2016-03-03 at the 1819:2008-12-02 at the 1756:2021-06-23 at the 1726:2021-06-23 at the 1698:2008-10-27 at the 890:on CalPERS' board. 845:William W. McGuire 841:options backdating 837:UnitedHealth Group 797:U.S. Supreme Court 690:chief risk officer 670:executive officers 526:, Director of the 390:In 2012, Governor 360:Sarbanes-Oxley Act 350:The next year the 93:38.575°N 121.505°W 19: 6506: 6505: 6378:Energy Commission 6348:Fish and Wildlife 5888:Natural Resources 5769:The new Colossus. 5730:Library resources 5606:Skelton, George. 5440:Facts at a Glance 5349:, April 17, 2002. 5269:Benefit overview. 5210:AARP The Magazine 4831:Los Angeles Times 4519:Los Angeles Times 4505:, April 19, 2007. 4444:Los Angeles Times 4372:Los Angeles Times 4351:Williams, Lance. 4328:Williams, Lance. 4080:Nelson, James M. 3937:, April 25, 2004. 3482:, March 25, 2008. 3405:Los Angeles Times 3389:Houston Chronicle 3297:Asset allocation. 3050:978-0-674-91946-4 2913:Holson, Laura M. 2895:Los Angeles Times 2491:Los Angeles Times 2462:Los Angeles Times 2323:Los Angeles Times 2229:Proposition #162. 2203:Los Angeles Times 2163:Los Angeles Times 2158:"The Pension Gap" 1800:, April 20, 2004. 1482:Kaiser Permanente 1114:Montessori method 808:golden parachutes 772:Year 2000 problem 562:(2000–2005), and 540:Caspar Weinberger 172: 171: 137:Marcie Frost, CEO 131:Agency executives 6536: 6466:Board of Regents 6097:General Services 5991:Consumer Affairs 5905: 5904: 5837: 5830: 5823: 5814: 5813: 5790: 5789: 5787:Official website 5764:, June 19, 2008. 5718: 5717: 5715: 5714: 5699: 5693: 5692: 5690: 5688: 5677:Hoover Institute 5668: 5659: 5658: 5656: 5654: 5634: 5628: 5627: 5625: 5623: 5603: 5597: 5596: 5594: 5592: 5572: 5566: 5565: 5563: 5561: 5555: 5544: 5535: 5529: 5515: 5509: 5502: 5491: 5484: 5473: 5459: 5450: 5436: 5430: 5429: 5427: 5426: 5411: 5405: 5398: 5392: 5385: 5376: 5369: 5363: 5362:, June 19, 2003. 5356: 5350: 5343: 5334: 5333:, June 15, 2005. 5327: 5318: 5311: 5302: 5285: 5279: 5265: 5259: 5245: 5239: 5222: 5213: 5196: 5187: 5180: 5174: 5167: 5161: 5144: 5135: 5121: 5112: 5098: 5092: 5085: 5079: 5076:Press-Enterprise 5072: 5066: 5060: 5054: 5044: 5038: 5024: 5018: 5005: 4999: 4986: 4980: 4966: 4957: 4944: 4938: 4924: 4918: 4904: 4898: 4897: 4895: 4893: 4874: 4868: 4867: 4865: 4863: 4843: 4834: 4817: 4811: 4797: 4791: 4777: 4771: 4754: 4745: 4732: 4723: 4716: 4710: 4703: 4694: 4680: 4671: 4664: 4658: 4641: 4628: 4621: 4610: 4597: 4591: 4584: 4578: 4564: 4558: 4544: 4538: 4531: 4522: 4515: 4506: 4499: 4490: 4476: 4470: 4469:, June 10, 2008. 4453: 4447: 4426: 4420: 4407:Where's CalPERS? 4404: 4398: 4381: 4375: 4368: 4359: 4349: 4343: 4326: 4317: 4316: 4314: 4313: 4298: 4292: 4291: 4289: 4288: 4268: 4262: 4255: 4249: 4242: 4236: 4219: 4213: 4212:, July 21, 2002. 4206: 4197: 4190: 4184: 4183: 4181: 4180: 4174: 4167: 4158: 4152: 4145: 4139: 4123:Barber, Brad M. 4121: 4115: 4101: 4095: 4078: 4069: 4052: 4046: 4033: 4027: 4015: 4009: 3992: 3986: 3976: 3967: 3966: 3944: 3938: 3935:Orlando Sentinel 3931: 3925: 3906: 3900: 3899: 3897: 3895: 3886:. Archived from 3875: 3869: 3868: 3866: 3865: 3850: 3841: 3832: 3826: 3811:Lavelle, Louis. 3809: 3800: 3783: 3777: 3776: 3774: 3772: 3757: 3751: 3750: 3748: 3746: 3724: 3718: 3717: 3715: 3713: 3693: 3687: 3673: 3667: 3650: 3644: 3630: 3621: 3607: 3601: 3587: 3581: 3564: 3558: 3551: 3542: 3525: 3519: 3518:, March 4, 2004. 3512: 3506: 3489: 3483: 3476: 3467: 3464:Press-Enterprise 3460: 3454: 3437: 3431: 3414: 3408: 3398: 3392: 3385: 3379: 3372: 3366: 3345: 3339: 3332: 3323: 3316: 3307: 3293: 3287: 3273: 3262: 3248: 3242: 3228: 3222: 3205: 3199: 3198: 3187: 3181: 3174: 3168: 3161: 3155: 3148: 3142: 3141: 3139: 3137: 3117: 3111: 3094: 3088: 3071: 3062: 3061: 3059: 3057: 3042: 3033:Webber, David H. 3029: 3023: 3007: 3001: 2984: 2978: 2961: 2944: 2937: 2928: 2911: 2898: 2888: 2879: 2866: 2860: 2846: 2840: 2826: 2820: 2806: 2800: 2786: 2780: 2766: 2760: 2759: 2757: 2756: 2742: 2736: 2735: 2733: 2732: 2717: 2711: 2710: 2708: 2707: 2692: 2686: 2685: 2683: 2682: 2667: 2661: 2660: 2658: 2657: 2642: 2636: 2635: 2633: 2631: 2614: 2608: 2607: 2605: 2604: 2590: 2584: 2583: 2581: 2580: 2565: 2559: 2558: 2556: 2555: 2541: 2532: 2531: 2529: 2528: 2514: 2508: 2507: 2505: 2503: 2481: 2472: 2471: 2469: 2468: 2453: 2447: 2446: 2444: 2443: 2428: 2422: 2421: 2419: 2418: 2403: 2397: 2396: 2394: 2392: 2370: 2364: 2363: 2361: 2360: 2350:"Ted Eliopoulos" 2346: 2340: 2339: 2337: 2335: 2313: 2298: 2281: 2275: 2268: 2259: 2245: 2239: 2226: 2220: 2219: 2217: 2215: 2193: 2180: 2179: 2177: 2175: 2153: 2122: 2108: 2099: 2089: 2074: 2060: 2015: 2014: 2012: 2011: 1989: 1983: 1982: 1980: 1979: 1957: 1944: 1943: 1933: 1932: 1916: 1910: 1909: 1900: 1899: 1883: 1877: 1876: 1867: 1866: 1850: 1844: 1830: 1824: 1810: 1801: 1794: 1785: 1784: 1782: 1781: 1767: 1761: 1746: 1731: 1716: 1703: 1689: 1672: 1671: 1669: 1667: 1661: 1650: 1642: 1623: 1622: 1620: 1618: 1603: 1597: 1596: 1594: 1592: 1586: 1578: 1306:Howard Kaloogian 606:Kathleen Connell 552:Kathleen Connell 273:State Treasurer 240:For comparison: 168: 125: 104: 103: 101: 100: 99: 98:38.575; -121.505 94: 90: 87: 86: 85: 82: 63: 61: 56: 38: 29: 22: 18: 6544: 6543: 6539: 6538: 6537: 6535: 6534: 6533: 6509: 6508: 6507: 6502: 6449: 6397: 6363:Water Resources 6323: 6274: 6250:State Hospitals 6245:Social Services 6180: 6136: 6102:Human Resources 6062: 5976: 5952: 5906: 5902: 5897: 5851: 5841: 5785: 5784: 5781: 5755: 5754: 5753: 5738: 5737: 5733: 5726: 5724:Further reading 5721: 5712: 5710: 5701: 5700: 5696: 5686: 5684: 5669: 5662: 5652: 5650: 5635: 5631: 5621: 5619: 5604: 5600: 5590: 5588: 5573: 5569: 5559: 5557: 5553: 5542: 5536: 5532: 5516: 5512: 5503: 5494: 5485: 5476: 5470:Wayback Machine 5460: 5453: 5447:Wayback Machine 5437: 5433: 5424: 5422: 5413: 5412: 5408: 5399: 5395: 5386: 5379: 5370: 5366: 5357: 5353: 5347:Washington Post 5344: 5337: 5328: 5321: 5312: 5305: 5296:Wayback Machine 5286: 5282: 5276:Wayback Machine 5266: 5262: 5256:Wayback Machine 5249:Death benefits. 5246: 5242: 5233:Wayback Machine 5223: 5216: 5207:Wayback Machine 5198:Harris, Diane. 5197: 5190: 5181: 5177: 5168: 5164: 5160:, May 10, 2004. 5155:Wayback Machine 5145: 5138: 5132:Wayback Machine 5122: 5115: 5109:Wayback Machine 5099: 5095: 5086: 5082: 5073: 5069: 5061: 5057: 5046:Sinton, Peter. 5045: 5041: 5035:Wayback Machine 5025: 5021: 5015:Wayback Machine 5006: 5002: 4996:Wayback Machine 4987: 4983: 4977:Wayback Machine 4967: 4960: 4954:Wayback Machine 4945: 4941: 4935:Wayback Machine 4925: 4921: 4915:Wayback Machine 4905: 4901: 4891: 4889: 4876: 4875: 4871: 4861: 4859: 4854:. p. BU1. 4844: 4837: 4828:Wayback Machine 4819:Lifsher, Marc. 4818: 4814: 4808:Wayback Machine 4798: 4794: 4788:Wayback Machine 4778: 4774: 4765:Wayback Machine 4756:Said, Carolyn. 4755: 4748: 4742:Wayback Machine 4733: 4726: 4717: 4713: 4704: 4697: 4691:Wayback Machine 4681: 4674: 4665: 4661: 4652:Wayback Machine 4643:Andelman, Bob. 4642: 4631: 4623:Benitez, Tina. 4622: 4613: 4607:Wayback Machine 4598: 4594: 4585: 4581: 4575:Wayback Machine 4565: 4561: 4555:Wayback Machine 4545: 4541: 4532: 4525: 4516: 4509: 4500: 4493: 4487:Wayback Machine 4477: 4473: 4464:Wayback Machine 4454: 4450: 4446:, June 9, 2008. 4437:Wayback Machine 4427: 4423: 4414:Wayback Machine 4405: 4401: 4397:, June 1, 2007. 4392:Wayback Machine 4382: 4378: 4369: 4362: 4350: 4346: 4337:Wayback Machine 4327: 4320: 4311: 4309: 4300: 4299: 4295: 4286: 4284: 4269: 4265: 4256: 4252: 4246:Washington Post 4243: 4239: 4230:Wayback Machine 4220: 4216: 4207: 4200: 4191: 4187: 4178: 4176: 4172: 4165: 4159: 4155: 4146: 4142: 4134:Working paper, 4132:Wayback Machine 4122: 4118: 4112:Wayback Machine 4102: 4098: 4089:Wayback Machine 4079: 4072: 4063:Wayback Machine 4053: 4049: 4044:Wayback Machine 4034: 4030: 4016: 4012: 4003:Wayback Machine 3993: 3989: 3977: 3970: 3945: 3941: 3932: 3928: 3917:Wayback Machine 3907: 3903: 3893: 3891: 3884:Compliance Week 3876: 3872: 3863: 3861: 3852: 3851: 3844: 3833: 3829: 3820:Wayback Machine 3810: 3803: 3794:Wayback Machine 3784: 3780: 3770: 3768: 3758: 3754: 3744: 3742: 3725: 3721: 3711: 3709: 3694: 3690: 3684:Wayback Machine 3674: 3670: 3661:Wayback Machine 3651: 3647: 3641:Wayback Machine 3631: 3624: 3618:Wayback Machine 3608: 3604: 3598:Wayback Machine 3588: 3584: 3575:Wayback Machine 3566:Yee, Chen May. 3565: 3561: 3552: 3545: 3536:Wayback Machine 3527:Chan, Gilbert. 3526: 3522: 3513: 3509: 3500:Wayback Machine 3491:Chan, Gilbert. 3490: 3486: 3477: 3470: 3461: 3457: 3448:Wayback Machine 3438: 3434: 3425:Wayback Machine 3415: 3411: 3400:Gentile, Gary. 3399: 3395: 3386: 3382: 3373: 3369: 3360:Wayback Machine 3346: 3342: 3333: 3326: 3317: 3310: 3304:Wayback Machine 3294: 3290: 3284:Wayback Machine 3274: 3265: 3259:Wayback Machine 3249: 3245: 3239:Wayback Machine 3229: 3225: 3221:, May 13, 2008. 3216:Wayback Machine 3206: 3202: 3188: 3184: 3175: 3171: 3162: 3158: 3154:, May 20, 1994. 3149: 3145: 3135: 3133: 3118: 3114: 3105:Wayback Machine 3095: 3091: 3082:Wayback Machine 3072: 3065: 3055: 3053: 3051: 3030: 3026: 3017:Wayback Machine 3008: 3004: 2995:Wayback Machine 2985: 2981: 2972:Wayback Machine 2962: 2947: 2938: 2931: 2922:Wayback Machine 2912: 2901: 2889: 2882: 2876:Wayback Machine 2867: 2863: 2857:Wayback Machine 2847: 2843: 2837:Wayback Machine 2827: 2823: 2817:Wayback Machine 2807: 2803: 2797:Wayback Machine 2787: 2783: 2777:Wayback Machine 2767: 2763: 2754: 2752: 2744: 2743: 2739: 2730: 2728: 2719: 2718: 2714: 2705: 2703: 2694: 2693: 2689: 2680: 2678: 2669: 2668: 2664: 2655: 2653: 2650:Financial Times 2644: 2643: 2639: 2629: 2627: 2615: 2611: 2602: 2600: 2592: 2591: 2587: 2578: 2576: 2567: 2566: 2562: 2553: 2551: 2543: 2542: 2535: 2526: 2524: 2522:senate.sfsu.edu 2516: 2515: 2511: 2501: 2499: 2482: 2475: 2466: 2464: 2454: 2450: 2441: 2439: 2429: 2425: 2416: 2414: 2405: 2404: 2400: 2390: 2388: 2371: 2367: 2358: 2356: 2348: 2347: 2343: 2333: 2331: 2314: 2301: 2292:Wayback Machine 2282: 2278: 2269: 2262: 2256:Wayback Machine 2246: 2242: 2236:Wayback Machine 2227: 2223: 2213: 2211: 2194: 2183: 2173: 2171: 2154: 2125: 2119:Wayback Machine 2109: 2102: 2090: 2077: 2061: 2018: 2009: 2007: 1990: 1986: 1977: 1975: 1958: 1947: 1930: 1928: 1917: 1913: 1897: 1895: 1884: 1880: 1864: 1862: 1851: 1847: 1841:Wayback Machine 1831: 1827: 1821:Wayback Machine 1811: 1804: 1795: 1788: 1779: 1777: 1769: 1768: 1764: 1758:Wayback Machine 1752:CalPERS. 2021. 1747: 1734: 1728:Wayback Machine 1722:CalPERS. 2021. 1717: 1706: 1700:Wayback Machine 1690: 1675: 1665: 1663: 1659: 1653:CalPERS Website 1648: 1644: 1643: 1626: 1616: 1614: 1611:CalPERS Website 1605: 1604: 1600: 1590: 1588: 1584: 1580: 1579: 1572: 1568: 1555: 1546: 1530: 1522: 1501: 1424: 1422:Health benefits 1415: 1406: 1380:mad cow disease 1359: 1336: 1300:. For example: 1252: 1239:Health benefits 1215: 1175: 1158: 1153: 1110: 1046: 1004:venture capital 983: 917: 900: 745: 707: 702: 674:general counsel 659: 583: 505: 477: 472: 448: 396:pension spiking 388: 382:(LEED) rating. 372:Great Recession 325: 299: 251: 215: 164: 146: 120: 97: 95: 91: 88: 83: 80: 78: 76: 75: 74: 59: 57: 54: 45:Agency overview 39: 17: 12: 11: 5: 6542: 6532: 6531: 6526: 6521: 6504: 6503: 6501: 6500: 6495: 6490: 6485: 6480: 6475: 6470: 6469: 6468: 6457: 6455: 6451: 6450: 6448: 6447: 6444: 6439: 6434: 6429: 6424: 6422:Highway Patrol 6419: 6414: 6412:Motor Vehicles 6408: 6406: 6399: 6398: 6396: 6395: 6390: 6385: 6380: 6375: 6370: 6365: 6360: 6355: 6350: 6345: 6340: 6334: 6332: 6325: 6324: 6322: 6321: 6316: 6311: 6306: 6301: 6296: 6291: 6285: 6283: 6276: 6275: 6273: 6272: 6267: 6262: 6257: 6252: 6247: 6242: 6240:Rehabilitation 6237: 6232: 6227: 6222: 6217: 6212: 6207: 6202: 6197: 6191: 6189: 6182: 6181: 6179: 6178: 6173: 6168: 6163: 6158: 6153: 6147: 6145: 6138: 6137: 6135: 6134: 6129: 6124: 6119: 6114: 6109: 6104: 6099: 6094: 6089: 6084: 6079: 6073: 6071: 6064: 6063: 6061: 6060: 6055: 6050: 6045: 6040: 6035: 6030: 6025: 6024: 6023: 6018: 6013: 6008: 6003: 5998: 5987: 5985: 5978: 5977: 5975: 5974: 5971: 5966: 5960: 5958: 5954: 5953: 5951: 5950: 5945: 5940: 5935: 5930: 5925: 5920: 5914: 5912: 5908: 5907: 5900: 5898: 5896: 5895: 5893:Transportation 5890: 5885: 5880: 5875: 5870: 5865: 5859: 5857: 5853: 5852: 5845:state agencies 5840: 5839: 5832: 5825: 5817: 5811: 5810: 5805: 5800: 5791: 5780: 5779:External links 5777: 5776: 5775: 5765: 5752: 5751: 5746: 5740: 5739: 5728: 5727: 5725: 5722: 5720: 5719: 5694: 5671:Joshua, Rauh. 5660: 5629: 5598: 5567: 5530: 5524:2014-12-13 at 5510: 5492: 5488:Sacramento Bee 5474: 5451: 5431: 5406: 5402:Press Democrat 5393: 5377: 5373:Sacramento Bee 5364: 5360:New York Times 5351: 5335: 5331:Sacramento Bee 5319: 5303: 5299:New York Times 5280: 5260: 5240: 5224:Lee, Henry K. 5214: 5188: 5175: 5162: 5158:Sacramento Bee 5136: 5113: 5093: 5080: 5067: 5055: 5039: 5019: 5000: 4981: 4958: 4939: 4919: 4899: 4869: 4835: 4812: 4792: 4772: 4746: 4724: 4711: 4707:Sacramento Bee 4695: 4672: 4668:Sacramento Bee 4659: 4629: 4611: 4592: 4590:, May 6, 2007. 4579: 4559: 4539: 4535:Sacramento Bee 4523: 4507: 4503:Sacramento Bee 4491: 4471: 4467:Sacramento Bee 4455:Kasler, Dale. 4448: 4428:Viles, Peter. 4421: 4399: 4383:Evans, David. 4376: 4360: 4344: 4318: 4293: 4263: 4250: 4237: 4233:New York Times 4214: 4198: 4194:Sacramento Bee 4185: 4153: 4140: 4116: 4096: 4070: 4047: 4028: 4010: 3987: 3978:Wahal, Sunil. 3968: 3939: 3926: 3901: 3870: 3842: 3827: 3801: 3797:New York Times 3778: 3752: 3719: 3688: 3668: 3652:Ausick, Paul. 3645: 3622: 3602: 3582: 3559: 3543: 3539:Sacramento Bee 3520: 3507: 3503:Sacramento Bee 3484: 3468: 3455: 3451:New York Times 3432: 3428:New York Times 3409: 3393: 3380: 3367: 3340: 3324: 3308: 3288: 3263: 3243: 3223: 3219:Sacramento Bee 3200: 3182: 3178:Sacramento Bee 3169: 3156: 3143: 3112: 3089: 3085:New York Times 3063: 3049: 3035:(April 2018). 3024: 3002: 2979: 2975:New York Times 2945: 2929: 2925:New York Times 2899: 2880: 2861: 2841: 2821: 2801: 2781: 2761: 2737: 2712: 2687: 2662: 2637: 2609: 2585: 2560: 2549:www.ai-cio.com 2533: 2509: 2473: 2448: 2423: 2398: 2365: 2341: 2299: 2276: 2272:Sacramento Bee 2260: 2240: 2221: 2181: 2123: 2100: 2075: 2016: 1984: 1945: 1911: 1878: 1845: 1825: 1802: 1786: 1762: 1732: 1704: 1673: 1624: 1598: 1569: 1567: 1564: 1563: 1562: 1554: 1551: 1545: 1542: 1529: 1526: 1521: 1518: 1500: 1497: 1496: 1495: 1488: 1485: 1423: 1420: 1414: 1411: 1405: 1404:Death benefits 1402: 1394: 1393: 1386: 1383: 1375: 1372: 1358: 1355: 1354: 1353: 1350: 1347: 1335: 1332: 1328: 1327: 1320: 1309: 1286: 1285: 1279: 1273: 1270: 1251: 1248: 1247: 1246: 1243:Long-term care 1240: 1237: 1236:Death benefits 1234: 1228: 1222: 1214: 1211: 1206:San Bernardino 1174: 1171: 1157: 1154: 1152: 1149: 1140: 1139: 1136: 1133: 1130: 1109: 1106: 1105: 1104: 1101: 1098: 1090: 1089: 1086: 1083: 1080: 1077: 1066: 1065: 1061: 1057: 1045: 1042: 1041: 1040: 1033: 1029: 1022: 1014: 1011: 1000: 997: 993: 982: 979: 978: 977: 973: 961: 952: 948: 944: 941: 930: 916: 913: 899: 896: 895: 894: 891: 884: 881: 874: 867: 866: 859: 855: 851: 848: 833: 822: 815:Michael Eisner 811: 800: 792: 785:Richard Grasso 781: 778: 775: 768: 765:Robert Stempel 761:General Motors 744: 741: 706: 703: 701: 698: 658: 655: 654: 653: 649: 646: 623: 613: 612: 609: 602: 591:Phil Angelides 582: 579: 556:Phil Angelides 536: 535: 516: 513: 504: 501: 500: 499: 493: 487: 476: 473: 471: 468: 447: 444: 418:, who was the 387: 384: 352:dot-com bubble 330:Phil Angelides 324: 321: 298: 295: 275:Jesse M. Unruh 250: 247: 246: 245: 238: 237: 234: 231: 228: 225: 222: 219: 214: 211: 186:that "manages 170: 169: 166:calpers.ca.gov 162: 158: 157: 152: 148: 147: 145: 144: 141: 138: 134: 132: 128: 127: 118: 114: 113: 110: 106: 105: 69: 65: 64: 51: 47: 46: 42: 41: 31: 30: 15: 9: 6: 4: 3: 2: 6541: 6530: 6527: 6525: 6522: 6520: 6517: 6516: 6514: 6499: 6496: 6494: 6491: 6489: 6488:State Auditor 6486: 6484: 6481: 6479: 6476: 6474: 6471: 6467: 6464: 6463: 6462: 6459: 6458: 6456: 6452: 6445: 6443: 6440: 6438: 6435: 6433: 6430: 6428: 6425: 6423: 6420: 6418: 6415: 6413: 6410: 6409: 6407: 6404: 6400: 6394: 6391: 6389: 6386: 6384: 6381: 6379: 6376: 6374: 6371: 6369: 6366: 6364: 6361: 6359: 6356: 6354: 6351: 6349: 6346: 6344: 6341: 6339: 6336: 6335: 6333: 6330: 6326: 6320: 6317: 6315: 6312: 6310: 6307: 6305: 6302: 6300: 6297: 6295: 6292: 6290: 6287: 6286: 6284: 6281: 6277: 6271: 6268: 6266: 6263: 6261: 6258: 6256: 6253: 6251: 6248: 6246: 6243: 6241: 6238: 6236: 6235:Public Health 6233: 6231: 6228: 6226: 6223: 6221: 6218: 6216: 6213: 6211: 6208: 6206: 6203: 6201: 6198: 6196: 6193: 6192: 6190: 6187: 6183: 6177: 6174: 6172: 6169: 6167: 6164: 6162: 6159: 6157: 6154: 6152: 6149: 6148: 6146: 6143: 6139: 6133: 6130: 6128: 6125: 6123: 6120: 6118: 6115: 6113: 6110: 6108: 6105: 6103: 6100: 6098: 6095: 6093: 6090: 6088: 6085: 6083: 6080: 6078: 6075: 6074: 6072: 6069: 6065: 6059: 6056: 6054: 6051: 6049: 6046: 6044: 6041: 6039: 6036: 6034: 6031: 6029: 6026: 6022: 6021:Medical Board 6019: 6017: 6014: 6012: 6009: 6007: 6004: 6002: 5999: 5997: 5994: 5993: 5992: 5989: 5988: 5986: 5983: 5979: 5972: 5970: 5967: 5965: 5962: 5961: 5959: 5955: 5949: 5946: 5944: 5941: 5939: 5936: 5934: 5931: 5929: 5926: 5924: 5921: 5919: 5916: 5915: 5913: 5909: 5894: 5891: 5889: 5886: 5884: 5881: 5879: 5876: 5874: 5871: 5869: 5866: 5864: 5861: 5860: 5858: 5854: 5850: 5846: 5838: 5833: 5831: 5826: 5824: 5819: 5818: 5815: 5809: 5806: 5804: 5801: 5799: 5795: 5792: 5788: 5783: 5782: 5773: 5770: 5766: 5763: 5760: 5757: 5756: 5750: 5747: 5745: 5742: 5741: 5736: 5731: 5708: 5704: 5698: 5682: 5678: 5674: 5667: 5665: 5648: 5644: 5640: 5633: 5617: 5613: 5609: 5602: 5586: 5582: 5578: 5571: 5552: 5548: 5541: 5534: 5527: 5526:archive.today 5523: 5520: 5514: 5507: 5501: 5499: 5497: 5489: 5483: 5481: 5479: 5471: 5467: 5464: 5458: 5456: 5448: 5444: 5441: 5435: 5420: 5416: 5410: 5403: 5397: 5390: 5384: 5382: 5374: 5368: 5361: 5355: 5348: 5342: 5340: 5332: 5326: 5324: 5316: 5310: 5308: 5300: 5297: 5293: 5290: 5284: 5277: 5273: 5270: 5264: 5257: 5253: 5250: 5244: 5237: 5234: 5230: 5227: 5221: 5219: 5211: 5208: 5204: 5201: 5195: 5193: 5185: 5179: 5172: 5166: 5159: 5156: 5152: 5149: 5143: 5141: 5133: 5129: 5126: 5120: 5118: 5110: 5106: 5103: 5097: 5090: 5084: 5077: 5071: 5064: 5059: 5052: 5049: 5043: 5036: 5032: 5029: 5023: 5016: 5012: 5009: 5004: 4997: 4993: 4990: 4985: 4978: 4974: 4971: 4965: 4963: 4955: 4951: 4948: 4943: 4936: 4932: 4929: 4923: 4916: 4912: 4909: 4903: 4887: 4883: 4879: 4873: 4857: 4853: 4849: 4842: 4840: 4832: 4829: 4825: 4822: 4816: 4809: 4805: 4802: 4796: 4789: 4785: 4782: 4776: 4769: 4766: 4762: 4759: 4753: 4751: 4743: 4739: 4736: 4731: 4729: 4721: 4715: 4708: 4702: 4700: 4692: 4688: 4685: 4682:Burton, Jim. 4679: 4677: 4669: 4663: 4656: 4653: 4649: 4646: 4640: 4638: 4636: 4634: 4626: 4620: 4618: 4616: 4608: 4604: 4601: 4596: 4589: 4583: 4576: 4572: 4569: 4563: 4556: 4552: 4549: 4543: 4536: 4530: 4528: 4520: 4514: 4512: 4504: 4498: 4496: 4488: 4484: 4481: 4475: 4468: 4465: 4461: 4458: 4452: 4445: 4441: 4438: 4434: 4431: 4425: 4418: 4415: 4411: 4408: 4403: 4396: 4395:Bloomberg.com 4393: 4389: 4386: 4380: 4373: 4367: 4365: 4357: 4354: 4348: 4341: 4338: 4334: 4331: 4325: 4323: 4307: 4303: 4297: 4282: 4278: 4274: 4267: 4260: 4254: 4247: 4241: 4234: 4231: 4227: 4224: 4218: 4211: 4205: 4203: 4195: 4189: 4175:on 2017-01-28 4171: 4164: 4157: 4150: 4144: 4137: 4133: 4129: 4126: 4120: 4113: 4109: 4106: 4100: 4093: 4090: 4086: 4083: 4077: 4075: 4067: 4064: 4060: 4057: 4051: 4045: 4041: 4038: 4032: 4025: 4024: 4020: 4014: 4007: 4004: 4000: 3997: 3991: 3984: 3981: 3975: 3973: 3964: 3960: 3956: 3952: 3951: 3943: 3936: 3930: 3923: 3922: 3918: 3914: 3911: 3905: 3889: 3885: 3881: 3874: 3859: 3855: 3849: 3847: 3839: 3836: 3831: 3824: 3823:Business Week 3821: 3817: 3814: 3808: 3806: 3798: 3795: 3791: 3788: 3782: 3767: 3763: 3756: 3740: 3736: 3735: 3730: 3723: 3707: 3703: 3699: 3692: 3685: 3681: 3678: 3672: 3665: 3662: 3658: 3655: 3649: 3642: 3638: 3635: 3629: 3627: 3619: 3615: 3612: 3606: 3599: 3595: 3592: 3589:Murphy, Tom. 3586: 3579: 3576: 3572: 3569: 3563: 3556: 3550: 3548: 3540: 3537: 3533: 3530: 3524: 3517: 3511: 3504: 3501: 3497: 3494: 3488: 3481: 3475: 3473: 3465: 3459: 3452: 3449: 3445: 3442: 3436: 3429: 3426: 3422: 3419: 3413: 3406: 3403: 3397: 3390: 3384: 3377: 3371: 3364: 3361: 3357: 3354: 3350: 3349:Jill E. Fisch 3344: 3337: 3331: 3329: 3321: 3315: 3313: 3305: 3301: 3298: 3292: 3285: 3281: 3278: 3272: 3270: 3268: 3260: 3256: 3253: 3247: 3240: 3236: 3233: 3227: 3220: 3217: 3213: 3210: 3204: 3197: 3193: 3186: 3179: 3173: 3166: 3160: 3153: 3147: 3131: 3127: 3123: 3116: 3109: 3106: 3102: 3099: 3093: 3086: 3083: 3079: 3076: 3070: 3068: 3052: 3046: 3041: 3040: 3034: 3028: 3021: 3018: 3014: 3011: 3006: 2999: 2998:Business Week 2996: 2992: 2989: 2983: 2976: 2973: 2969: 2966: 2960: 2958: 2956: 2954: 2952: 2950: 2942: 2936: 2934: 2926: 2923: 2919: 2916: 2910: 2908: 2906: 2904: 2896: 2893: 2887: 2885: 2877: 2873: 2870: 2865: 2858: 2854: 2851: 2845: 2838: 2834: 2831: 2825: 2818: 2814: 2811: 2805: 2798: 2794: 2791: 2785: 2778: 2774: 2771: 2765: 2751: 2750:Common Dreams 2747: 2741: 2726: 2722: 2716: 2701: 2697: 2691: 2676: 2672: 2666: 2651: 2647: 2641: 2626: 2625: 2620: 2613: 2599: 2595: 2589: 2574: 2570: 2564: 2550: 2546: 2540: 2538: 2523: 2519: 2513: 2497: 2493: 2492: 2487: 2480: 2478: 2463: 2459: 2452: 2438: 2434: 2427: 2412: 2408: 2402: 2386: 2382: 2381: 2376: 2369: 2355: 2351: 2345: 2329: 2325: 2324: 2319: 2312: 2310: 2308: 2306: 2304: 2296: 2293: 2289: 2286: 2280: 2273: 2267: 2265: 2257: 2253: 2250: 2244: 2237: 2233: 2230: 2225: 2209: 2205: 2204: 2199: 2192: 2190: 2188: 2186: 2169: 2165: 2164: 2159: 2152: 2150: 2148: 2146: 2144: 2142: 2140: 2138: 2136: 2134: 2132: 2130: 2128: 2120: 2116: 2113: 2107: 2105: 2097: 2094: 2088: 2086: 2084: 2082: 2080: 2072: 2071:1-882771-19-2 2068: 2064: 2059: 2057: 2055: 2053: 2051: 2049: 2047: 2045: 2043: 2041: 2039: 2037: 2035: 2033: 2031: 2029: 2027: 2025: 2023: 2021: 2005: 2001: 2000: 1995: 1988: 1973: 1969: 1968: 1963: 1956: 1954: 1952: 1950: 1942: 1940: 1926: 1922: 1915: 1908: 1906: 1893: 1889: 1882: 1875: 1873: 1860: 1856: 1849: 1842: 1838: 1835: 1829: 1822: 1818: 1815: 1809: 1807: 1799: 1793: 1791: 1776: 1772: 1766: 1759: 1755: 1751: 1745: 1743: 1741: 1739: 1737: 1729: 1725: 1721: 1715: 1713: 1711: 1709: 1701: 1697: 1694: 1688: 1686: 1684: 1682: 1680: 1678: 1658: 1654: 1647: 1641: 1639: 1637: 1635: 1633: 1631: 1629: 1612: 1608: 1602: 1583: 1577: 1575: 1570: 1560: 1557: 1556: 1550: 1541: 1539: 1534: 1525: 1517: 1513: 1509: 1505: 1493: 1489: 1486: 1483: 1479: 1475: 1471: 1470: 1469: 1466: 1462: 1458: 1456: 1452: 1448: 1443: 1439: 1437: 1431: 1429: 1419: 1410: 1401: 1399: 1391: 1387: 1384: 1381: 1376: 1373: 1369: 1368: 1367: 1363: 1351: 1348: 1345: 1344: 1343: 1341: 1331: 1325: 1321: 1318: 1314: 1310: 1307: 1303: 1302: 1301: 1299: 1295: 1290: 1284: 1280: 1278: 1274: 1271: 1268: 1264: 1263: 1262: 1259: 1256: 1244: 1241: 1238: 1235: 1232: 1229: 1226: 1223: 1220: 1219: 1218: 1210: 1207: 1203: 1199: 1195: 1190: 1188: 1184: 1179: 1170: 1166: 1162: 1151:Contributions 1148: 1145: 1137: 1134: 1131: 1128: 1123: 1122: 1121: 1119: 1115: 1102: 1099: 1096: 1095: 1094: 1087: 1084: 1081: 1078: 1075: 1074: 1073: 1071: 1062: 1058: 1055: 1051: 1050: 1049: 1038: 1034: 1030: 1027: 1023: 1020: 1015: 1012: 1009: 1008:Ronald Burkle 1005: 1001: 998: 994: 990: 985: 984: 974: 971: 967: 962: 959: 958: 953: 949: 945: 942: 939: 935: 931: 927: 926: 925: 922: 912: 910: 906: 892: 889: 885: 882: 879: 875: 872: 871: 870: 864: 860: 856: 852: 849: 846: 842: 838: 834: 831: 827: 823: 820: 816: 812: 809: 806:, especially 805: 801: 798: 793: 790: 786: 782: 779: 776: 773: 769: 766: 762: 758: 757: 756: 753: 751: 740: 736: 732: 728: 726: 721: 717: 713: 710: 697: 695: 691: 687: 683: 679: 678:chief actuary 675: 671: 666: 664: 650: 647: 644: 640: 636: 635: 630: 629: 624: 621: 620: 619: 616: 610: 607: 604:Board member 603: 600: 596: 592: 588: 587: 586: 581:Controversies 578: 576: 572: 567: 566:(2003–2006). 565: 561: 558:(1999–2006), 557: 554:(1995–2003), 553: 550:(1995–1998), 549: 546:(1986–1994), 545: 541: 533: 529: 525: 521: 517: 514: 510: 509: 508: 497: 494: 491: 488: 485: 482: 481: 480: 467: 465: 461: 460:Lena Gonzalez 457: 453: 443: 439: 437: 433: 429: 425: 421: 417: 416:Kevin de León 412: 408: 405: 401: 397: 393: 383: 381: 375: 373: 369: 365: 361: 357: 353: 348: 346: 342: 338: 333: 331: 320: 316: 314: 309: 304: 294: 292: 286: 284: 280: 276: 271: 267: 265: 259: 257: 243: 242: 241: 235: 232: 229: 226: 223: 220: 217: 216: 210: 206: 204: 200: 195: 193: 189: 185: 181: 177: 167: 163: 159: 156: 153: 151:Parent agency 149: 142: 139: 136: 135: 133: 129: 123: 119: 117:Annual budget 115: 111: 107: 102: 73: 70: 66: 52: 48: 43: 37: 32: 28: 23: 6338:Conservation 6076: 5771: 5734: 5711:. Retrieved 5697: 5685:. Retrieved 5676: 5651:. Retrieved 5642: 5632: 5620:. Retrieved 5611: 5601: 5589:. Retrieved 5580: 5570: 5558:. Retrieved 5546: 5533: 5513: 5487: 5434: 5423:. Retrieved 5409: 5401: 5396: 5372: 5367: 5359: 5354: 5346: 5330: 5314: 5298: 5283: 5263: 5243: 5235: 5209: 5178: 5170: 5165: 5157: 5096: 5088: 5083: 5075: 5070: 5058: 5050: 5042: 5022: 5003: 4984: 4942: 4922: 4902: 4890:. Retrieved 4881: 4872: 4860:. Retrieved 4851: 4830: 4815: 4795: 4775: 4767: 4714: 4706: 4667: 4662: 4654: 4595: 4587: 4582: 4562: 4542: 4534: 4518: 4502: 4474: 4466: 4451: 4443: 4439: 4424: 4417:W.C. Varones 4416: 4402: 4394: 4379: 4371: 4355: 4347: 4339: 4310:. Retrieved 4296: 4285:. Retrieved 4276: 4266: 4258: 4253: 4245: 4240: 4232: 4217: 4209: 4193: 4188: 4177:. Retrieved 4170:the original 4156: 4143: 4119: 4103:Baue, Bill. 4099: 4091: 4065: 4050: 4031: 4021: 4013: 4005: 3990: 3982: 3954: 3948: 3942: 3934: 3929: 3919: 3904: 3892:. Retrieved 3888:the original 3873: 3862:. Retrieved 3837: 3830: 3822: 3796: 3781: 3769:. Retrieved 3755: 3743:. Retrieved 3732: 3722: 3710:. Retrieved 3691: 3671: 3663: 3648: 3605: 3585: 3578:Star Tribune 3577: 3562: 3555:Star Tribune 3554: 3538: 3523: 3515: 3510: 3502: 3487: 3479: 3463: 3458: 3450: 3435: 3427: 3412: 3404: 3396: 3388: 3383: 3375: 3370: 3362: 3343: 3335: 3319: 3291: 3246: 3226: 3218: 3207:Ortiz, Jon. 3203: 3195: 3185: 3177: 3172: 3164: 3159: 3151: 3146: 3136:14 September 3134:. Retrieved 3125: 3115: 3107: 3092: 3084: 3054:. Retrieved 3038: 3027: 3019: 3005: 2997: 2982: 2974: 2940: 2924: 2894: 2864: 2844: 2824: 2804: 2784: 2764: 2753:. Retrieved 2749: 2740: 2729:. Retrieved 2727:. 2022-06-21 2724: 2715: 2704:. Retrieved 2702:. 2022-05-26 2699: 2690: 2679:. Retrieved 2677:. 2022-04-19 2674: 2665: 2654:. Retrieved 2652:. 2022-03-08 2649: 2640: 2628:. Retrieved 2622: 2612: 2601:. Retrieved 2597: 2588: 2577:. Retrieved 2575:. 2022-05-27 2572: 2563: 2552:. Retrieved 2548: 2525:. 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