CalPERS Honored with Third Distinguished Finance Award
February 7, 2017
Communications & Stakeholder Relations
Brad W. Pacheco, Deputy Executive Officer
Wayne Davis, Chief, Office of Public Affairs
Contact: Amy Morgan, Information Officer
Recognized for Fiscal Year 2016-17 Annual Budget Report
SACRAMENTO, CA - For the third consecutive year, the California Public Employees' Retirement System (CalPERS), financial office was awarded the Distinguished Budget Presentation Award for excellence in budget reporting by the Government Finance Officers Association (GFOA). CalPERS won the award for its Fiscal Year (FY) 2016-17 Annual Budget Report.
"The annual budget process incorporates a long-term planning view for the CalPERS organization. CalPERS maintains a fiscally sustainable budget that translates the intentions of the CalPERS' Strategic Plan objectives into an itemized, authorized, and systematic plan of operation," said Marcie Frost, chief executive officer. "Our disciplined budget process reflects the CalPERS values and mission which is to maintain a sustainable pension retirement fund for the members that we serve."
CalPERS continuously evaluates all aspects of the organization in search of ways to operate more effectively and efficiently. Examples of areas where CalPERS has been able to cut costs are as follows:
- Optimization of the my|CalPERS member account system
- Improvement of business operations through the use of technology
- Implementation of an in-house opportunistic investment program that reduces dependence on external private equity managers
The CalPERS' FY 2016-17 budget represents a decrease of approximately $19.1 million, a 1.1 percent reduction from its FY 2015-16 budget. Cumulative decreases since FY 2013-14 are $83.6 million.
The CalPERS budget is built on five key areas including sound organizational governance, alignment to the pension fund's strategic goals and business initiatives, realistic cost containment, expanded use of technology, and strong customer focus.
"Our aim is to improve upon our year-over-year operational successes that we have had in recent years. Our goal at CalPERS has always been to serve our members as effectively and efficiently as possible," said Marlene Timberlake D'Adamo, interim chief financial officer. "Awards like this are very meaningful. We are extremely appreciative of this recognition."
The CalPERS budget met nationally recognized guidelines and was evaluated on 14 mandatory GFOA principles within four categories. The four categories assess how well the budget serves as a policy document, a financial plan, an operations guide, and a communications device.
GFOA award recipients have pioneered efforts to improve the quality of budgeting and provide an excellent example for other governments throughout North America.
View the GFOA Award (PDF).
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.8 million members in the CalPERS retirement system and administers benefits for 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS' total Fund market value currently stands at approximately $308 billion. For more information, visit www.calpers.ca.gov.