Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Data and Research August 26, 2015
CalPERS Says it Generated $30B in Economic Activity Last Year
The public employee retirement system in California says it has created $26 billion in economic activity within the state’s boarders.
Reported by John Manganaro
According to a study released by the California Public Employees’ Retirement System (CalPERS), retirement benefits paid by the pension fund generated $30.9 billion in economic activity during the 2013-2014 fiscal year.
The findings come from the “CalPERS Economic Impacts in California” report for the fiscal year ending June 30, 2014. CalPERS says the report “highlights the vital role” pension funds play in the U.S. and global economies.
According to Anne Stausboll, chief executive officer for CalPERS, retirees spending their pensions returned $9.64 in economic activity for each taxpayer dollar contributed to the system. The total economic activity generated by CalPERS benefits payments was $30.9 billion, while CalPERS benefit payments supported 104,974 jobs throughout California.
Investments in California accounted for $25.7 billion, or approximately 8.5%, of the CalPERS portfolio, the organization notes.
The pension fund is often cited among the largest U.S. retirement plans, serving more than 1.7 million members in the CalPERS retirement system. Another 1.4 million people are served by CalPERS health benefit programs. CalPERS’ holdings stand at approximately $304 billion.
The full report on CalPERS 2013-2014 fiscal year performance is here.