February 14, 2024
Circular Letter: 200-011-24
Topic: Actuarial

To: All CalPERS Employers


The purpose of this Circular Letter is to inform you of a new feature in Pension Outlook that provides for the projections of the California Employers’ Pension Prefunding Trust (CEPPT) Fund Section 115 balances.


Pension Outlook is an informational tool for you to plan and budget pension costs into the future. The tool provides an opportunity to see pension plan cost drivers by using various financial and investment scenarios. In September 2023, Pension Outlook was updated with the current June 30, 2022 valuation reports, which set the public agency employer contribution rates for fiscal year (FY) 2024-25 and the rates for state and school employers for FY 2023-24. When used in connection with the California Public Employees’ Retirement System (CalPERS) pension plans, assets within the CEPPT Section 115 trust are typically used to make CalPERS required contributions.

New Features

New features added to the Pension Outlook tool in this release include:

  • A check box labeled, Section 115 trust: This feature allows you to project the balance of your Section 115 trust assets using your account balance(s) at June 30, 2023 under various assumed investment returns and reflect any future contributions or withdrawals you may wish to make.
  • The budget spreadsheet available through Pension Outlook has been updated to reflect any Section 115 trust balances and provide some potential Section 115 Trust funding targets on the Combined Plan tab.
  • Section 115 account balances will be projected and shown separately from the CalPERS plan assets. They will not be added to the CalPERS plan assets values.

You'll find instructions for how to use the new features on page 35 of the Pension Outlook User Manual (PDF).

If you participate in the CEPPT, asset balances may be viewed in the CEPPT Online Record Keeping System. For any questions related to the CEPPT, email CEPPT4U@calpers.ca.gov.

Access Pension Outlook

You can access Pension Outlook and follow the instructions to register and log in. You can also view the Pension Outlook User Manual (PDF) to learn more.

Pension Outlook provides you pension projection capabilities, but it does not take the place of a qualified actuary. Before relying on the output of this tool for any significant decisions, consult with your CalPERS actuary.


If you have questions, call our CalPERS Customer Contact Center at 888 CalPERS (or 888-225-7377888-225-7377).


Scott Terando, Chief Actuary
CalPERS Actuarial Office