Press Release

September 1, 2012

External Affairs Branch
(916) 795-3991
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
pressroom@calpers.ca.gov

CalPERS Corrects Media, Policymakers on Pension Savings to Ensure Accuracy

The following statement was issued September 1, 2012 by Robert Udall Glazier, CalPERS Deputy Executive Officer for External Affairs:

"Several media reports and comments made by policymakers have confused, and at times incorrectly stated, the analysis issued by CalPERS about the long-term savings related to pension legislation passed yesterday. As a reminder, to ensure accuracy in reporting and during further discussions on pensions, CalPERS estimates the proposed legislation, if signed by the Governor, will save between $42 billion and $55 billion over 30 years for CalPERS administered pension plans. CalPERS savings do not include billions of dollars in additional potential savings that are expected from other retirement systems in California. To fully account for the potential savings from non-CalPERS systems, reporters will need to check individually with CalSTRS and the other county or city systems for their estimates.

"We have also seen confusion about the details of the legislation, such as the future ages of retirement with full benefits for new hires as set in the legislation. We encourage the media to review the analysis previously issued by CalPERS, or contact CalPERS or the legislative staff for the Conference Committee for technical assistance to double check the facts."

Read CalPERS preliminary analysis of the legislation and actuarial cost analysis.

CalPERS, with approximately $237 billion in assets, is the largest public pension fund in the U.S. It administers retirement benefits for more than 1.6 million active and retired California state, public school, and local public agency employees 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 fiscal year that ended June 30, 2011, is $3,065 per month. More information about CalPERS is available at www.calpers.ca.gov.

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Dated: 09-02-2012