California Public Employees' Retirement System

California Public Employees' Retirement System (CalPERS) is an agency in the California executive branch that manages retirement and health benefits to approximately 1.5 million public employees, retirees, and their families and more than 2,500 employers. It was established by state law in 1932 to provide retirement benefits for state employees. In 1939, public agency and classified school employees were allowed to participate. In 1962, state law authorized CalPERS to provide health benefits to state employees. The health benefits program was expanded in 1967 to include public agency and school employees. In 1995, CalPERS began offering a supplemental deferred compensation retirementmore