March 12, 2012
External Affairs Branch
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
CalPERS Expands Window to Decision-Making, Pension Costs
Live coverage of Board meetings gives global audience front row seat
SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today began a live webcast of its monthly meetings over the Pension Fund’s website at www.calpers.ca.gov.
CalPERS also posted more than 2,000 actuarial reports on its website that provide a snapshot of the cost of pensions for public employees for its contracting cities, counties and local public agencies. In addition, CalPERS released for the first time a monthly report of all public record requests received by the system.
“These actions are yet another step toward our commitment to transparency and accountability to our members, employers, stakeholders and the general public,” said Rob Feckner, President of the CalPERS Board of Administration. “It’s officially Sunshine Week and we are expanding the view through our window. We invite anyone to watch and listen to our deliberations and decisions.”
CalPERS actuarial reports for its contracting employers are released annually in the fall and provide pension costs as a percentage of payroll that local governments will pay in the following fiscal year for its miscellaneous and safety public employee classifications. The reports also outline projected future pension costs, funded status of the employer’s plan, unfunded liabilities, and funding history, among other data. Beginning next year, an estimated cost to terminate an employer’s plan with CalPERS will be included.
Public records completed and sent by CalPERS will be summarized in a monthly report on CalPERS website and will list the name of the requester, affiliation and a general description of the material requested.
“We are committed to be an honest broker of information, especially as we discuss the future of pensions in our state,” said Anne Stausboll, Chief Executive Officer for CalPERS. “We hope these steps provide greater access into our business of pensions, health care and investments.”
CalPERS live meeting coverage is closed-captioned. Recordings and transcripts will be archived and available on its website.
CalPERS, with assets of approximately $237 billion, is the largest public pension fund in the U.S. It administers retirement benefits for more than 1.6 million California State, local government, and public school employees, retirees, and their families on behalf of more than 3,000 public employers, and health benefits for more than 1.3 million enrollees. The average CalPERS pension benefit is $2,332 per month. The average benefit for those who retired in the most recent fiscal year that ended June 30, 2011, is $3,065 per month.