September 12, 2012
External Affairs Branch
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
Contact: Amy Norris, Information Officer
CalPERS Issues Statement on Signing of Pension Reform Act
SACRAMENTO, CA – Rob Feckner, President of the California Public Employees’ Retirement System (CalPERS) Board of Administration, today issued the statement below following the signing of the Pension Reform Act into law by Governor Jerry Brown:
“The Governor has signed into law a more secure era for public pensions. The reforms built from his original plan, combined with the work of lawmakers and stakeholders, have produced a comprehensive set of reforms that moves us forward.”
“The cost analysis produced by CalPERS professional staff estimates the law will save between $42 billion and $55 billion over the next 30 years. This doesn’t include billions of dollars in additional potential savings that are expected from other retirement systems in California. We expect the changes will also reduce abuse and add protections for members and taxpayers.”
“Today’s action is a significant step in ensuring public pensions are sustainable, secure, and cost-effective. We look forward to continuing to administer benefits for the dedicated public servants of our state, schools and municipalities.”
CalPERS cost analysis and an outline of impacts to current and future members can be found at www.calpers.ca.gov.
CalPERS, with approximately $240 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.