CalPERS Reports Additional Savings of $162 Million
The California Public Employees’ Retirement System (CalPERS) today announced that efforts to bring more investment management in-house and reduce consultants are among factors that have saved the Pension Fund more than $162 million in the last three fiscal years.
The California Public Employees’ Retirement System (CalPERS) today announced that efforts to bring more investment management in-house and reduce consultants are among factors that have saved the Pension Fund more than $162 million in the last three fiscal years.
The savings are in addition to the $106 million CalPERS projected last week that it will save by removing ineligible participants from its health care program.
"Fiscal responsibility is one of our top priorities," said Cheryl Eason, Chief Financial Officer for CalPERS. "We’ve been able to minimize program costs to the benefit of our members, employers, and the Fund."
Between Fiscal Year 2011-12 and 2013-14, CalPERS achieved savings in its investment, health care, and information technology programs through the following initiatives:
Investment Office - $116.4 million in savings
- Increasing in-house investment portfolio management
- Favorable terms on fees with external investment partners
- Transfer of work from consultants to state staff
Health Program - $33.3 million in savings
- Additional health plan options that increased competition
- Hip & knee reference pricing programs
Information Technology - $12.1 million in savings
- Transfer of consultant work and knowledge to state staff
Next Finance , November 2014
 today announced that efforts to bring more investment management in-house and reduce consultants are among factors that have saved the Pension Fund more than $162 million in the last three (...)){kind=logo}
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