March 22, 2012
External Affairs Branch
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
CalPERS Issues Statement on Stockton's Mediation Process
SACRAMENTO, CA – Anne Stausboll, Chief Executive Officer for the California Public Employees’ Retirement System (CalPERS), today issued the following statement on the City of Stockton’s mediation efforts:
“As the City of Stockton announced, CalPERS is one of many interested parties participating in the mediation process. While we recognize the fiscal challenges that many cities and counties face, it is important to also recognize that employee pensions and benefits are just one of many factors that are involved in these tough budgetary and legal decisions. CalPERS is committed to both protect the vested rights of our members to the pensions they have earned through a lifetime of public service and to assist our employers with the pension obligations they must meet.”
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. More information about CalPERS is available at www.calpers.ca.gov.