CalPERS Brings Clarity to Pensionable Compensation
August 21, 2014
External Affairs Branch
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
Contact: Rosanna Westmoreland, External Communications Manager
SACRAMENTO, CA – "Today's decision by the CalPERS Board brings much needed clarity to the definition of what is pensionable compensation for new CalPERS members," said Rob Feckner, President of the CalPERS Board of Administration. "If the law is ever changed, CalPERS will of course amend our regulations accordingly."
CalPERS approached this issue with full transparency and sought vigorous stakeholder input each step along the way, including employee and employer feedback. The resulting recommendation is consistent with the law as written.
CalPERS is the largest public pension fund in the U.S., with more than $300 billion in assets. CalPERS administers health and retirement benefits on behalf of 3,090 public school, local agency and state employers. There are nearly 1.7 million members in the CalPERS retirement system and more than 1.3 million members in its health plans. For more information about CalPERS, visit www.calpers.ca.gov.