Case 8 – 1 the California Public Employees’ Retirement System (Calpers)

Homework week 5

11/30/2012

Case 8 – 1 The California Public Employees’ Retirement System (CalPERS)

a. When was CalPERS established?

The California Public Employees’ Retirement System (CalPERS) was established in 1931 and began its operations in 1932.

b. What types of employers contribute to CalPERS?

State and local government employers contribute to CalPERS along with state agencies, schools, California universities, counties, cities, special districts, auxiliary agencies, fire/police districts, and many other government entities.

c. How many individuals are served by CalPERS?

“CalPERS serves retirement and health benefits to 1.654,067 million public employees, retirees, and their families and more than 3,000 employers’. 

d. How many and what types of funds are administered by CalPERS?

17 funds are administered by CalPERS. Nine of these funds are pension trust funds. These funds include four contribution plans and five benefit plans. There are also three agency funds which include a contingency reserve fund for health care payments and remittances, an old age surviving fund, and a special deposits fund for earmarked funds. Four proprietary funds are also administered by CalPERS. These four funds include two health care funds, one long-term care fund, and one deferred compensation fund. In addition to those funds, there is also one OPEB fund (Other Post-Employment Benefits).

“CalPERS is primarily responsible for administering retirement and health benefits. CalPERS also administers long-term care benefits, a post-employment benefit fund for retiree health and supplemental retirement savings plans. CalPERS comprises a total of 17 funds, including the Public Employees’ Retirement Fund (PERF), Legislators’ Retirement Fund (LRF), Judges’ Retirement Fund (JRF), Judges’ Retirement Fund II (JRF II), State Peace Officers’ and Firefighters’ Defined Contribution Plan Fund (SPOFF), Public Agency Deferred Compensation...