April 1, 2013
External Affairs Branch
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
CalPERS Issues Statement on City of Stockton Bankruptcy Ruling
SACRAMENTO, CA – The California Public Employees' Retirement System (CalPERS) issued the following statement today after U.S. Bankruptcy Judge Christopher Klein ruled that the City of Stockton is eligible for bankruptcy protection.
"We are very pleased with Judge Klein's ruling," said Anne Stausboll, Chief Executive Officer for the Pension Fund.
"We recognize the difficult decisions the City of Stockton needs to make to restore its financial and economic health. Today's action gives the City the opportunity to propose a forward looking plan of adjustment in the bankruptcy case that will allow them to restore long term financial stability and to provide essential services to the Stockton community through the City's valued public employees.
"The City has consistently acknowledged the importance of providing benefits to its employees through its existing relationship with CalPERS consistent with state law. CalPERS will continue to act as a fiduciary and protect and defend the integrity and soundness of the Pension Plan," said Stausboll.
CalPERS is the largest public pension fund in the U.S. with assets totaling $255 billion. 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 $2,420 per month. The average benefit for those who retired in the most recent fiscal year that ended June 30, 2012, is $3,025 per month.