CalPERS Responds to LAO Analysis of Pension Reform Initiatives
The California Public Employees' Retirement System (CalPERS) today issued the following response to the Legislative Analyst's Office (LAO) analysis of Government Employee Pension Reform Act initiatives:
"The Legislative Analyst's Office raises legitimate and serious concerns about both initiatives and the legality of the proposed changes which would have the most severe impact on existing employees," said Anne Stausboll, CalPERS Chief Executive Officer. "Additionally, the LAO rightly identified the 'large uncertainty about (these measures') possible fiscal effects' and how they 'would apply to the variety of public employees in California …'"
"We will continue to be closely involved in the current legislative process concerning pension reform, and look forward to working on these issues in a productive manner with all Californians," Stausboll said. "As an honest broker of factual information about pensions, CalPERS won't shy away from truthful discussions about pension structure and reform as we work to maintain a sustainable, sound and secure system that protects our members and benefits the State. When it comes to the retirement security of our public servants, all Californians deserve more realistic solutions now and less lawsuits and uncertainty for the next 'several decades.'"
CalPERS is the nation's largest public pension fund with approximately $225 billion in assets, providing retirement benefits to more than 1.6 million State, public school, and local public agency employees, retirees, and their families, and health benefits to more than 1.3 million members. The average CalPERS pension is $2,220 per month. For more information about CalPERS, visit www.calpers.ca.gov.