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CalPERS Pension Benefits Generate Nearly $31 Billion in Economic Activity

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. [1]

"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."

Next Finance , August 2015

See online : CalPERS Economic Impacts in California

Footnotes

[1] CalPERS benefits are funded by investment income and contributions from public employers and employees.

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