What is CalPERS and what does it do?

CalPERS, short for California Public Employees Retirement System, is a government agency that manages retirement and health benefits for public employees in California. As one of the largest public pension funds in the country, CalPERS provides retirement benefits for state and local public employees, including teachers, police officers, and firefighters. It aims to ensure the financial stability and security of its members by offering pension plans, retiree health care coverage, and disability benefits. CalPERS invests the funds contributed by employees and employers to generate income, which is used to pay retirement benefits. Through its long-term investment strategy and expertise, CalPERS strives to fulfill its commitment of providing financial support and security to its members in their retirement years.