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Analysis of the California Public Employees� Retirement System (CalPERS): Financial Overview and Reporting

Description: This paper provides a financial analysis and reporting of the California Public Employees' Retirement System.

Chloe Martinez
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Analysis of the California Public Employees’ Retirement System (CalPERS):Financial Overview and ReportingHomework week511/30/2012Case 8-1a.When was CalPERS established?The California Public Employees’ Retirement System (CalPERS)was establishedin 1931 andbegan its operationsin 1932.b.What types of employers contribute to CalPERS?State and local government employers contribute to CalPERS along withstate agencies, schools,Californiauniversities, counties, cities, special districts, auxiliary agencies,fire/policedistricts,and many other government entities.c.How many individuals are served by CalPERS?“CalPERSserves retirement and health benefits to 1.654,067million 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 fundsinclude four contribution plans and five benefit plans.There arealsothree agency fundswhichinclude a contingency reserve fund for health care payments and remittances, an old agesurviving fund, and a special deposits fund for earmarked funds. Four proprietary funds are alsoadministered by CalPERS. These four funds include two health care funds, one long-term carefund, and one deferred compensation fund. In addition to those funds, there is also one OPEBfund(Other Post-Employment Benefits).“CalPERS is primarily responsible for administering retirement and health benefits. CalPERSalso administers long-term care benefits, a post-employment benefit fund for retiree health andsupplemental retirement savings plans. CalPERS comprises a total of 17funds, including thePublic Employees’ Retirement Fund (PERF), Legislators’ Retirement Fund (LRF), Judges’Retirement Fund (JRF), Judges’ Retirement Fund II (JRF II), State Peace Officers’ andFirefighters’ Defined Contribution Plan Fund (SPOFF), Public Agency Deferred CompensationPlan (IRC 457), Supplemental Contributions Program Fund (SCPF), California Employers’Retirement Benefit Trust Fund (CERBTF), Public Employees’ Health Care Fund (HCF), PublicEmployees’ Contingency Reserve Fund (CRF), Public Employees’ Long-Term Care Fund(LTCF) and Replacement Benefit Fund (RBF)”.

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