SACRAMENTO, CA – According to a study released today by the California Public Employees’ Retirement System (CalPERS), retirement benefits paid by the pension fund generated $30.9 billion in economic activity.
The CalPERS Economic Impacts in California report for the Fiscal Year ending June 30, 2014 highlights the vital role CalPERS plays in the state’s economy. The report demonstrates how CalPERS benefits and investments generate significant economic activity in the state, to stimulate business growth and increased tax revenues, and to support and create jobs for Californians.*
“This report clearly demonstrates CalPERS positive economic impact in California,” said Anne Stausboll, Chief Executive Officer for CalPERS. “From benefits paid to our members, to investing in California companies, we are proud of the significant effect CalPERS has at both a local and State level.”
Key findings of the CalPERS Economic Impacts in California Report include:
- CalPERS benefits (retirees spending their pensions) returned $9.64 in economic activity to California for each taxpayer dollar (public funds) contributed to the system.
- The total economic activity generated by CalPERS benefits payments was $30.9 billion.
- CalPERS benefit payments supported 104,974 jobs throughout California.
- Investments in California accounted for $25.7 billion, or approximately 8.5 percent, of the CalPERS portfolio.
“CalPERS is a long term investor and we will be paying pensions for generations,” said Doug McKeever, Interim Deputy Executive Officer – Benefit Programs Policy and Planning. “Our impact on the economy will continue to strengthen California.”
View a copy of the CalPERS Economic Impacts in California report on the CalPERS website. The report includes regional economic impacts by legislative districts and counties.
For more than eight decades, CalPERS has built retirement and health security for State, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.7 million members in the CalPERS retirement system and administers benefits for more than 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS’ total fund market value currently stands at approximately $304 billion. For more information, visit www.calpers.ca.gov.
*CalPERS benefits are funded by investment income and contributions from public employers and employees.