South San Francisco, CA July 29, 2022
WHAT IS CalPERS:
The California Public Employees’ Retirement System, also known as CalPERS, is an organization that provides numerous benefits to its 2 million members, of which 38% are school members, 31% public agency members, and 31% state members. Benefits available to members include health insurance, long-term care insurance, death benefits, a mortgage program, and the distribution of pension and retirement-related financial benefits. CalPERS is governed by a 13-member Board of Administration.
As of 2019, CalPERS managed $372.6 billion in assets, making it the largest public pension fund in the nation. Close to 3,000 employers participate in CalPERS, including more than 1,300 school districts and 1,500 public agencies in California. CalPERS pays for member benefits through a combination of member and employer contributions and investment income. More info CLICK HERE
CURRENT FUNDING:
With CalPERS’ discount rate of 6.8% and this year’s preliminary return of -6.1%, the estimated overall funded status stands at 72%.
More info CLICK HERE
WHY IT IS IMPORTANT:
South San Francisco has a large population of employees in the State Public Sector, including the City of South San Francisco and the South San Francisco Unified School District. Like most municipalities and business, the shutdown response to the Pandemic brought about great changes in employment status. Further, the current volatile market impacts pension funds, and more. More info CLICK HERE
The information below is from the City of South San Francisco’s website.
CalPERS
- Membership in the California Public Employees’ Retirement System (CalPERS).
- Safety members:
- Tier 2: 3% at age 55; employee pays approximately 12% of pay.
- Tier 3: 2.7% at age 57; employee pays approximately 11.5% of pay.
- Three (3) year final compensation for both formulas.
- Miscellaneous members:
- Tier 2: 2% at age 60; employee pays approximately 7% of pay.
- Tier 3: 2% at age 62; employee pays approximately 6.5% of pay.
- Three (3) year final compensation for both formulas.
More info CLICK HERE
More on CalPERS below:
Bloomfield July 7, 2022 Article CLICK HERE
Calpers Unloads Record $6 Billion of Private-Equity Stakes at Discount
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Pension giant’s selloff aims to free up cash for new wagers
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Calpers has looked to buy stakes in private companies directly
Pensions and Investments Online June 15, 2022 Article CLICK HERE
- CalPERS sees 10% portfolio drop in 2022
Naked Capitalism May 2, 2022 Article CLICK HERE
Critical Look at CalPERS Long Term Care Product
CalPERS Drops Long-Term Care Settlement, Which Was Designed to Suck More Money into Ponzi Scheme and Then Fail